Petrobras pulls out of wind power generation

• 3 years ago (2021-03-02)
• David Flin

Latin America 75 Wind 239

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Petrobras of Brazil has officially pulled out of wind power generation after signing a $5.9 million deal with investment fund Fundo de Investimento em Participações Multiestratégia Pirineus (FIP Pirineus) to sell its 51 per cent stake in the Mangue Seco 2 plant.

The plant is part of the Mangue Seco wind complex, with a total installed capacity of 104 MW, in Rio Grande do Norte state. The complex also includes the Mangue Seco 1, 3, and 4 wind farms, in which Petrobras sold its interests to Vinci Infraestrutura Gestora de Recursos in January.

Petrobras said that the sale of Mangue Seco is in line with its portfolio optimisation strategy, focusing on the reduction of its debt and concentrating resources in deep and ultradeep water oil and gas fields. The company said that it is retaining its commitment to the transition to a lower carbon economy by investing in production decarbonisation technologies and the development of more efficient, sustainable fuels.