Norwegian oil & gas group Equinor has snapped up Rio Energy, a Brazilian onshore wind and solar player.

Equinor agreed to acquire 100% of Rio Energy and selected assets from current owner Denham Capital in a deal it said will strengthen its renewable power position in South America’s largest electricity market. Financial terms were not given.

The Rio Energy business comes with the 200MW Serra da Babilonia 1 operating onshore wind farm in the state of Bahia, a 600MW pre-construction solar PV portfolio and a project pipeline of about 1.2