Renewable energy investor Exus Management Partners through Exus Brasil Investimentos, has reached a deal to acquire Riacho da Serra Solar PV Complex phase I comprising 887 MW AC/1,058 MW DC capacity from Decal Renewables and Upside Value in Brazil's Piaui state.
Under phase I, the complex comprises 20 solar parks in the Municipality of Parnagua in Piaui which Exus aims to bring online by H2/2024. Exus said the project has secured interconnection and contracts for transmission system use with national grid operator ONS.
"The development will represent an investment of more than BRL 3.5 billion ($650 million) in the country, create around 2,500 direct and indirect jobs, bring development to the communities involved, power 950,000 homes with clean energy, while reducing approximately 1 million tonnes in CO2 emissions," stated Exus.
Exus will realize the project in 2 phases with an estimated 522 MW DC to be implemented under phase I.
According to exclusive financial advisor to Decal and Upside in the transaction Finergreen, there is a phase II of the complex as well with an additional 20 solar plants representing a combined capacity of 1,096 GW DC. It is set to come up in Santa Rita de Cassia in the state of Bahia and is expected to be commissioned in January 2026.
This combined 2 GW capacity makes it one among the largest solar PV complexes in Latin America and the world.