The project will supply the Brazilian Regulated Electricity Market and the two companies will each own a 50 percent stake in the joint venture (JV). The aim is to build and operate four utility-scale power plants in Brazil’s Bahia State by 2017.
The JV will install 106.9 MW of solar by 2017 as part of contracts awarded by the Brazilian Energy Commercialization Authority, Camara Comercializadora de Energia Electrica (CCEE). The contracts were awarded in the 2014 Reserve Supply Auction (2014 LER), the first renewable energy auction in Brazil to specify a need for solar power plant capacity.
SunEdison will supply solar modules and trackers for the projects, to be assembled in Brazil. The construction of the plant will be financed by the Brazilian Development Bank (BNDES) and the supply agreement provides access to SunEdison technology at a competitive price while mitigating supply and exchange rate risks. The two companies are fully supportive of the development of solar energy in Brazil, a country that has fully embraced renewable energy and recently adopted a full regulatory framework for solar energy.
“Renova's joint venture with SunEdison positions us as the best entity to serve the needs of the Brazilian renewable energy market” said Mathias Becker, President of Renova. “This opportunity to enter the solar energy market has been two years in the making, and we're excited to see the tremendous support from the Brazilian local and state authorities in developing this and other opportunities for utility scale solar.”
Jose Perez, SunEdison president for EMEA and Latin America added that aligning the best partners, financiers and products in a joint venture ensures cost competitive clean energy for the local utility and reinforces SunEdison’s position in Latin America.
Renova is the largest renewable-source power generation company in Brazil by installed capacity. It focuses on wind energy generation, solar power, and small hydroelectric plants. It is dedicated to development, construction and operation of renewable-source electric power generation.
SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. The company also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC).
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