(epbr) Petrobras plans to conquer 10% of the centralized wind and solar generation market in Brazil by 2028, according to a presentation made to investors in New York. The company’s 2024-2028 strategic planning foresees having around 5 GW of photovoltaic and wind capacity in operation or construction.
To achieve this, the state-owned company will invest US$5.2 billion in renewable energy over the period. The investment is part of the increase in contributions to low-carbon projects, which will receive US$11.5 billion, double the previous plan.
This year alone, the oil company intends to acquire 2 GW of onshore wind and solar assets, closing partnerships with experienced developers, according to president Jean Paul Prates.
“We are an oil company in transition. We are gradually transforming Petrobras, investing in new energy, without giving up oil production from one moment to the next,” said the executive according to a statement distributed by the company.
Brazil currently has 28.9 GW of wind energy in operation and another 11.7 GW of centralized solar photovoltaic. There is also another 26 GW of distributed solar generation.
Onshore transition
The decarbonization initiatives are led by the director of Energy Transition and Sustainability, Maurício Tolmasquim and will have more money than oil and gas exploration, estimated at US$7.5 billion.
Renewable expansion will be done with onshore wind and photovoltaic plants.
The state-owned company signed a non-binding memorandum of understanding with TotalEnergies and Casa dos Ventos to evaluate investments in onshore wind, offshore wind, solar and low-carbon hydrogen projects.
And it reached an agreement with WEG to invest R$130 million in the development of a 7 MW wind turbine.
The company also announced that it intends to develop 30 GW of offshore wind energy, but this will happen outside the plan period.
Brazil Energy Insight 
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