Brazil’s Petrobras may invest in solar power, executive says


Rio De Janeiro — The chief energy transition officer of Brazil’s Petrobras said on Thursday the state-run oil company may invest in solar power, buying assets or starting from scratch, as it looks to boost capital allocation in renewables.

“Solar power is a mature activity that might yield returns in the short-term,” Mauricio Tolmasquim told reporters, adding that would be a good option for the firm to diversify its portfolio that could also include offshore wind farms.

Petrobras announced earlier this month it would revise its 2023-2028 strategic plan in a bid to increase investments in low-carbon initiatives to drive a transition to renewables while keeping its oil expansion on track.

Tolmasquim said at an event in Rio de Janeiro the company may also sell some old fuel oil-fired power plants it owns, but would not fully exit the Brazilian thermoelectric power market.

He ruled out potential investments in hydroelectric power plants or power transmission lines, saying the oil giant had “other priorities.”

(Reporting by Rodrigo Viga Gaier; Editing by David Gregorio and Chris Reese) – Reuters

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