Petrobras, Total and Total Eren conclude Memorandum of Understanding in the Renewable Energies segment

Petrobras reports that it has signed yesterday with the French companies Total and Total Eren a Memorandum of Understanding (MoU) to analyze the joint business development in solar energy and wind onshore energy segments in Brazil.

Based on promising initial results arising from the strategic partnership between the two companies signed on February 28, 2017, Petrobras and Total have been assessing other potential areas of cooperation. The conclusion of this agreement is part of Petrobras’ strategy to develop high-value businesses in renewable energy in partnership with major global players, to facilitate the transition to a low-carbon matrix.

The main benefits in developing a partnership of this kind are the dilution of risks related to the renewable energies business in Brazil and potential economies of scale and synergies.

The MoU is non-binding, but indicates the willingness of the companies to work together to develop projects in these segments.