Powertis To Build 765 MW Solar Capacity In Brazil

Powertis Of Spain Secures BNDES & BNB Financing For 765 MW Large-Scale Solar Project Capacity In Minas Gerais & Sao Paulo Brazil With Soltec Supplying Trackers
06:09 AM (Beijing Time) - 06. September 2019
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While Soltec will provide its trackers and undertake installation activities for the 765 MW solar capacity of Powertis in Brazil, two local Brazilian banks have agreed to provide financing for the projects. Pictured are Soltec trackers deployed at a PV plant in Spain. (Photo Credit: Soltec)

Key Takeaways

  • Four large-scale solar power plants with 765 MW cumulative capacity will be built in Brazil by Spanish project developer Powertis
  • Capacity divided as a single project of 495 MW and three projects of 90 MW each will be located in the states of Minas Gerais and Sao Paulo
  • These projects have secured long term PPAs with validity till 2041 with Brazilian off-takers which will come into force on completion of the projects in Janaury 2021 and January 2022

Spanish solar project developer Powertis will build 765 MW of large-scale projects in Brazil for which fellow Spanish solar PV tracker maker Soltec will supply its products. Soltec will also carry out all installation and construction services.

These projects will be developed for an investment of BRL 2.5 billion ($613 million). On completion in January 2021 and January 2022, the system is expected to supply enough clean power to suffice the electricity requirements of over 1,150,000 households. Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and Banco do Nordeste (BNB) are on board to finance the projects; financial closure is expected in Q4/2019 and Q1/2020.

To be developed as a single project with 495 MW capacity and three projects of 90 MW each, these plants will be spreads across the states of Minas Gerais and Sao Paulo. Powertis said it has secured power purchase agreements (PPA) till 2041-end with two unidentified Brazilian off-takers.

“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,” said Powertis CEO Pablo Otín.

In February 2019, Powertis management said the company will begin construction of its first projects under 1 GW in Brazil while targeting another 1 GW for Spain (see Spanish Solar Developer Targets 2 GW Solar By 2022).

In August 2019, BNB gave the green light for BRL 487 million ($120 million) project financing for 226.7 MW  of Canadian Solar’s bifacial solar project capacity in Brazil (see BRL 487Mn For Canadian Solar’s Brazilian PV Plants).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani