Investment firm Exus Brazil Investimentos has acquired 100% of the shares of Riacho da Serra Energia, and the Brazilian project-related assets, from Decal Renewables and Upside Value.
In the agreement, the subsidiary of Exus Management Partners will acquire 20 solar parks located in the north-eastern state of Piauí, part of Brazil’s sun-rich ‘solar belt’, with a total installed capacity exceeding 1GW once completed.
The development will represent an investment of more than BRL3.5 billion (US$686 million) in the country and create 2,500 jobs. The structuring of the projects will be finalised in two phases and is set to achieve commercial operation by the second half of 2024.
The solar parks have already been granted interconnection and contracts for the use of the transmission system has been signed with national grid operator ONS.
Pedro Fragoso, Partner at Exus Brazil, said: “We are delighted to have secured a deal for a highly significant project in the context of Brazil’s energy mix.”
Exus Management Partners currently has 10GW of renewables assets under management across Europe, the US, Latin America and Eurasia.