- Petrobras rejects foreign wind and solar investments, focusing on local greenfield projects.
- The firm plans $5.2 billion investment in domestic solar and wind by 2028, prioritizing onshore initiatives.
Petrobras, the state-run Brazilian oil firm, has announced that it would not invest in foreign wind and solar projects. Instead, it focuses on local greenfield projects, aligning with President Luiz Inacio Lula da Silva’s job creation and national energy transition vision. Petrobras plans a $5.2 billion investment in domestic solar and wind by 2028, with an initial focus on onshore projects.
Collaborating with Norway’s Equinor, the company aims to explore offshore wind in Brazil. Petrobras anticipates Brazil’s first auction for offshore wind areas this year. The renewable portfolio will involve partnerships, with Petrobras holding 50 per cent or less in most projects.