UPDATE 2-Danske Commodities makes first Brazil power market trades

(Updates with quote, background on Equinor activities in Brazil)


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OSLO, April 18 (Reuters) – Equinor’s wholly owned trading company Danske Commodities has completed its first trades in the Brazilian power market, Danske said on Tuesday.

The trading company has invested 288 million Brazilian reais ($58.28 million) in the Brazilian business, its first in South America, enabling it to support parent group Equinor’s renewables drive in the region.

“Financial robustness is key in a bilateral market like Brazil,” said Danske Commodities’ head of global trading, Jesper Tronborg, adding that Danske can rely on financial backing from its parent company.

Norway’s Equinor bought the Danish trading company in 2019 to harness its power trading expertise and help to underpin the oil and gas group’s diversification into low-carbon electricity generation.

Equinor has already invested into two solar power plants in Brazil, with a total capacity of 693 megawatts, which its Danish subsidiary will help to manage.

Danske Commodities is active in 40 power markets across Europe, Australia, the United States and Brazil. ($1 = 4.9413 reais) (Reporting by Terje Solsvik and Nora Buli Editing by Essi Lehto and David Goodman)

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