Albras to source solar power from 438 MW solar plant in Brazil; IFC backs Colombia's Vatia to strengthen its renewable energy portfolio; Galp to expand renewables portfolio with 4.8 GW capacity in Brazil.
Solar power for aluminum producer in Brazil: A proposal for a 438 MW solar power plant has been submitted to Brazilian competition authority CADE for approval by Hydro Rein, Atlas Renewable Energy and Albras. The trio plan to form a joint venture (JV) to develop and build the Boa Sorte Power Plant in Minas Gerais' Paracatú which will supply 815 GWh of electricity annually to the primary aluminum plant of Albras between 2025 to 2044, which will account for 12% of the company's annual power consumption. The 'largest' aluminum producer in Brazil, Albras' has its primary plant in the state of Pará, and touts an annual production capacity of 460,000 tons.
IFC to help Vatia Colombia's RE portfolio: The International Finance Corporation (IFC) will invest $10 million as equity in Colombian electricity retailer and aggregator Vatia. It will enable the company to acquire greenfield solar assets and diversify its generation capacity in the country. Vatia will also be able to strengthen its capital position with this investment while enabling smaller businesses along with commercial and industrial (C&I) users to implement energy efficiency plans and additional savings.
"We welcome IFC's long-term funding that is not readily available in a domestic market given the nascent business model. It will help demand aggregators like us play a key role in promoting NCRE, either through our own generation or by acting as off-takers for new projects," said Vatia CEO Luis Fernando Sanvodal. "Additionally, aggregators can provide long-term contracts, a key hurdle in the Latin America and the Caribbean (LAC) region, with high hydro penetration and price volatility depending on weather patterns."
Galp to acquire 4.8 GW renewables in Brazil: Galp has agreed to acquire 4.8 GW of new renewable energy projects in Brazil. From solar energy company SER Energia, it will acquire 4.6 GW of projects under development across the country and an agreement with Casa dos Ventos helps it expand in wind farm space with 216 MW cluster under development. The Portuguese company now counts its total renewable energy portfolio as a total of 9.6 GW in various stages of development in Brazil, Spain and Portugal. It aims to grow it to 4 GW by 2025, and 12 GW by 2030.