- A 1.1 GW solar power project in Port Acu and nearby locations in Brazil will be built by 2 Chinese companies
- CDIL will develop the project through a subsidiary, while CMEC will work as EPC partner
- Project will be realized in 2 phases of 300 MW and 800 MW with an investment worth $1 billion
Chinese money will majorly be invested in a 1.1 GW solar power project being planned in Brazil’s Port Acu and additional locations as it will be built by 2 large scale Chinese corporations.
The 2 Chinese companies namely, Hong Kong based infrastructure firm China Development Integration Limited (CDIL) and state-owned engineering contracting company China Machinery Engineering Corporation (CMEC), have announced having entered into a development agreement for the said project.
CDIL’s subsidiary China-Brazil Integration Group Limited will develop the project through a Brazil incorporated special purpose vehicle (SPV), while CMEC will serve as EPC partner of the project.
According to the Chinese companies, the 1.1 GW solar project is the brainchild of Brazil’s ‘oil man’ and energy entrepreneur Eike Batista. It will be developed in 2 phases of 300 MW covering an area of 6.6 million sq. mtr. under phase I, and 800 MW in 11 million sq. mtr. under phase II.
The project partners estimate the 1.1 GW project to take an investment of around $1 billion in the form of engineering, procurement, construction + financing, and additional equity funds mainly from China. CMEC’s Senior Engineer and General Manager Counsellor, Prof. Liu Cansheng said this is the 1st of a series of projects it will jointly execute with CDIL and Batista.
Port Acu or the Port of Acu is a port-industrial-energy location in Rio de Janeiro that hosts a multicargo, iron-ore, oil, maritime fuels and other such terminals. It is currently exploring clean energy infrastructure on location having signed a memorandum of understanding (MoU) with Equinor of Norway in February 2021, to assess the development of a PV project to come up over the next 12 months.