Green Investment Group (GIG) has entered into a partnership with Hydro Rein to build and operate a 586MW renewable project in Brazil.
The duo has agreed to build a wind and solar power project named Feijão in the country's north-east region. They agreed to form a joint venture for the same. GIG’s Renewable Energy Fund II will own 50.1% stake while the remaining 49.9% stake will be owned by Hydro Rein.
The hybrid project will be developed in the Brazilian states of Piaui and Pernambuco.
According to the companies, "the project will be equipped with 80 turbines, which will be delivered by wind turbine manufacturer Nordex."
In the first phase, there will be a development of a wind farm with 456MW of capacity. The second phase will have the option to develop a 130MW solar power facility.
Hydro Rein head Oliver Girardot commented, “We are very pleased to play a part in developing more renewable energy in Brazil together with Green Investment Group. This project is an important milestone in the efforts to decarbonize Alunorte and an important milestone for Hydro Rein developing its portfolio of Brazilian assets.”
Similarly, GIG global head Mark Dooley remarked, “Brazil has vast potential for wind development, and we are delighted to be partnering with Hydro Rein on this late-stage project."
He further stated that the project can help in enhancing Brazil’s supply chain and in achieving ambitions related to the wind industry.