Solar technology developer SunEdison and renewable energy company Renova Energia have formed an equal ownership joint venture to generate one gigawatt solar power in Brazil.
Initially, the partners will develop and operate four utility scale plants in Bahia State, generating 106.9MW solar power by 2017.
The plants are being developed under the contracts awarded in October by the Brazilian Energy Commercialization Authority, Camara Comercializadora de Energia Electrica (CCEE) in the 2014 Reserve Supply Auction.
Renovo president Mathias Becker said: "Renova’s joint venture with SunEdison positions us as the best entity to serve the needs of the Brazilian renewable energy market.
"This opportunity to enter the solar energy market has been two years in the making, and we’re excited to see the tremendous support from the Brazilian local and state authorities in developing this and other opportunities for utility scale solar."
Under the joint venture, SunEdison will supply solar modules and trackers for the projects. The construction of the plants will be financed by the Brazilian Development Bank (BNDES).
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By GlobalDataSunEdison president for EMEA and Latin America Jose Perez said: "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 our leading position in Latin America."
The 2014 Reserve Supply Auction is the first renewable energy auction in Brazil to focus on solar power plant capacity.
Brazil has allocated a total of 889.7MW of solar capacity through the auction. The 106.9MW awarded to Renova represents around 12%, reported Photon News.
Image: The partners will initially operate four utility scale plants in Bahia State. Photo: courtesy of Evgeni Dinev / Freedigitalphotos.net.
