Powertis cements Brazil position with 765MW PV portfolio

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: BNDES.

Powertis is to develop four projects in total across Minas Gerais and São Paulo. The most significant project, which is anticipated to have a capacity of 495MW, will be joined by three separate 90MW projects.

Specifically, two projects have been earmarked for Pedranopolis, São Paulo; a further two in Araxa, Minas Gerais; and one additional project is to come forward in Leo Silveira.

Powertis said it would need an investment of around BRL$2.5 billion (around US$610 million), and the developer has managed to clinch finance from Brazil’s Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and Banco do Nordeste (BNB), with financial close expected in Q4 2019 and Q1 2020.

They will be underpinned by power purchase agreements with two unnamed frontline offtakers in the country, which will purchase the power under fixed-term contracts until 2041.

It’s expected that the projects will begin operations in January 2021 and January 2022.

Powertis has turned to Spanish solar firm Soltec, which will conduct all installation and construction services on the portfolio, while also providing the trackers that will be used.

“With the construction of these four projects, Powertis continues to strengthen its position in the Brazilian market and also contributes to the generation of jobs through the implementation of clean energy,” Pablo Otín, CEO of Powertis, said.

Construction is expected to create more than 7,200 direct and indirect jobs, while a further 160 permanent roles are to be created once all four plants are operational.

Brazil is undergoing something of a boom in solar PV activity aided by controversial president Jair Bolsonaro, who has looked to bring the technology into the fold in auctions that had previously been reserved for wind. 

Last week, it was confirmed that winners of Brazil’s A-6 auction, the first to admit bids from PV projects, will be offered 20-year supply deals from the government, contracting them for power generation from January 2025 until December 2044.  

The industry's involvement in the A-6 auction scheme comes after PV bids tabled for the separate, renewably-only A-4 scheme produced average prices of BRL67.48/MWh (around US$17.5/MWh), seen as a global milestone.

The prospects and challenges of Latin American solar and storage will take centre stage at Solar Media's Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.

Read Next

October 15, 2021
Doral Renewables has broken ground on the 1.65GWdc Mammoth Solar project in Indiana, set to be the US’ largest solar farm once complete.
October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.
October 15, 2021
The European Commission (EC) has urged member states to accelerate solar deployment in order to tackle Europe’s rising electricity prices and has released a ‘toolbox’ to address the short-term impact of prices and strengthen resilience against future shocks
October 14, 2021
Europe’s most competitive renewable power purchase agreement (PPA) offers rose 8% quarter-on-quarter as Europe’s worsening energy crisis bites, according to US firm LevelTen Energy’s Q3 2021 PPA Price Index report.
October 14, 2021
Lightsource BP has launched a 300MW solar project in Colorado that will “largely” power a local steel mill in what the company has said is a world's first
October 13, 2021
Calling for a three-fold increase in renewables investment in the next decade, the International Energy Agency’s (IEA) latest edition of its World Energy Outlook, published today, has been largely welcomed by analysts and industry observers, who are urging world leaders to respond accordingly at the COP26 Climate Change Conference.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021