Eletrobras and Ocean Winds Partnership

SAO PAULO (Reuters) – Brazilian power firm Eletrobras has signed a memorandum of understanding with Ocean Winds to study the development of offshore wind farms in Brazil, as stated in a joint announcement on Tuesday.

Why It’s Important

Offshore wind farms are anticipated to play a crucial role in generating significant volumes of renewable energy in Brazil's future. Despite being the sixth largest producer of onshore wind energy globally, Brazil currently lacks offshore wind farms due to the absence of a regulatory framework for such projects.

Eletrobras is recognized as Latin America's largest power company, whereas Ocean Winds is a joint venture between Portugal's EDP Renovaveis and France's Engie, focusing on offshore wind projects.

Key Quotes

Ocean Winds highlighted its commitment to Brazil, emphasizing the nation's potential to fulfill the increasing long-term demand for renewable energy.

Eletrobras director for M&A and business development, Leonardo Soares, noted that the agreement enables strategic cooperation to enhance the cleanliness and renewability of power generation sources in Brazil and worldwide.