Equinor ASA EQNR is planning to jointly develop a 480-megawatt (MW) solar project in Brazil with renewables company Scatec Solar ASA and aluminum company, Norsk Hydro ASA NHYDY, per reports. The companies have reportedly signed a memorandum of understanding for the project development.The solar farm is expected to be located in the Rio Grande do Norte state. An investment decision for the project is likely to be achieved by the next year. Per the deal, a portion of the produced power is expected to be used by Hydro, which intends to reduce carbon dioxide footprint from operations by 30% within 2030. A massive reduction in carbon dioxide footprint will likely take place in Brazil.Notably, Equinor and Scatec Solar are already working on several solar projects in Brazil. As such, the deal will further boost the companies’ strong bond. At present, a 162-MW facility owned by these companies is operational. Equinor has carried out several moves for transforming to a greener energy company.It recently joined the biggest green hydrogen project in Europe, the NortH2 project, which was launched this February by Royal Dutch Shell plc RDS.A and others. Moreover, it announced that Italy-based energy major, Eni S.p.A. E has agreed to join its famous Dogger Bank Wind Farm project. Equinor has signed a deal to divest 10% to Eni for £202.5 million. The deal underlines Equinor’s efforts to generate value from renewable assets.The integrated firm’s key strategy is to capitalize on the renewable energy space and align its operations with the Paris Climate Agreement. As such, it is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor expects to boost production capacities from renewables to 4-6 gigawatts (GW) by 2026. The company also plans to become a net-zero greenhouse gas emitter by 2050. Moreover, by 2035, it plans to further boost the capacity of renewable projects to 12-16 GW.Price Performance & Zacks RankEquinor’s stock has increased 7.3% in the past three months compared with the 13.2% rise for the industry. It currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E): Free Stock Analysis Report Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report Norsk Hydro ASA (NHYDY): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research