Brookfield Renewable, one of the world's largest investors in renewable energy, announced this week that it will invest approximately US$200 million in a 1200 MW solar project in Brazil.
“This acquisition represents a unique opportunity to invest in one of the largest solar development projects in the world,” said Sachin Shah, CEO of Brookfield Renewable.
This is Brookfield's second consecutive acquisition of solar energy in the country. At the end of January this year, the company debuted in the Brazilian photovoltaic sector with the purchase of a set of projects in the Northeast.
The company operates one of the largest publicly traded renewable energy platforms in the world. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia and totals more than 19 thousand MW of installed capacity from renewable sources and a development pipeline of 15 thousand MW.
According to the announcement, the transaction of the agreement for the acquisition of the project in Brazilian territory should be completed in the fourth quarter of 2020. The project is scheduled for delivery in early 2023.
Also according to the company, approximately 75% of the project has energy purchase contracts linked to long-term inflation. The objective is to contract the remaining generation before construction begins.
Shah also highlighted that the transaction is in line with the company's objective of continuing as a global leader in investments in renewable energy. “This investment is in line with our ongoing strategy of acquiring late-stage development projects, leveraging our construction and energy marketing capabilities and long-standing experience to achieve attractive returns. More broadly, the investment further enhances our technologically diverse 15 MW global development pipeline and continues to position Brookfield Renewable as a global leader in renewable energy investment and a partner to governments and businesses in decarbonizing global electricity grids. ”, highlighted Shah.
