Brazil’s Petrobras May Invest in Solar Power, Executive says

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.

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