SunEdison and Renova Energia have entered into a joint venture to develop, own, and operate 1 gigawatt of utility scale solar photovoltaic energy to supply for Brazilian Regulated Electricity Market.
Renova and SunEdison will each own a 50 percent share in the joint venture that plans to build and operate four utility scale solar power plants in Bahia State, Brazil, by 2017.
According to the contracts awarded by the Brazilian Energy Commercialization Authority, Camara Comercializadora de Energia Electrica (CCEE), the joint venture will install 106.9 megawatts.
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The contracts were awarded as part of the 2014 Reserve Supply Auction (2014 LER), the first renewable energy auction in Brazil which stressed on the need for solar power plant capacity.
SunEdison will supply solar modules and trackers for the projects, which will be assembled in Brazil.
The solar plant construction will be financed by the Brazilian Development Bank (BNDES).
This agreement confirms access to SunEdison’s world class technology at competitive pricing in addition to justifying supply and exchange rate risks.
Brazil is a country that has adapted renewable energy sources and SunEdison and Renova support this progress.
Recently, Brazil approved a regulatory framework for solar energy with efforts taken towards incorporating solar energy as a definitive part of the country’s energy supply.
Renova’s joint venture with SunEdison places the company as the best entity to serve the needs of the Brazilian renewable energy market, said, Mathias Becker, president, Renova.
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This opportunity to enter the solar energy market has been two years in the making, and great support from the Brazilian local and state authorities in developing this and other opportunities for utility scale solar is received, he added.
Renova is an innovative renewable energy company in Brazil. Aligning the best partners, financiers, and products in a joint venture like this ensures cost competitive, clean energy for the local utility. This agreement reinforces the company’s leading position in Latin America, said, Jose Perez, president, SunEdison, EMEA and Latin America.
Sabeena Wahid
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