Equinor signed on 03/11, an agreement with Denham Capital to acquire Rio Energy, a leading onshore renewable energy company in Brazil.

The transaction includes selected assets and employees, while Denham Capital will retain some assets. With this acquisition, Equinor strengthens its position as an energy company in the Brazilian market.

"Through Rio Energy, Equinor will assume a relevant position in the Brazilian renewable energy sector, a robust and rapidly growing industry. Rio Energy will enable us to accelerate renewable energy generation and consequently, cash flow. It provides us with a growth platform, while adding technical capability and an attractive project portfolio," says Pål Eitrheim (pictured), Executive Vice President for Renewable Energy at Equinor.

The operation is in line with Equinor's strategy, which involves growing the onshore renewable energy business in selected markets through the acquisition of local companies with highly skilled teams that already have a portfolio of projects. In recent years, Equinor has acquired several renewable energy companies, such as Wento in Poland, BeGreen in Denmark, Noriker Power in the UK, and East Point Energy in the US, aiming to provide flexible energy in priority markets for the company.