Spain based PV developer Powertis is creating a 765 MW photovoltaic solar portfolio in the States of Minas Gerais and São Paulo, in Brazil. The portfolio consists of one project of 495 MW and three projects of 90 MW each, for a total investment of approximately BRL 2,500 m (US$ 611m).
Powartis signed PPAs with two Brazilian frontline off-takers that will buy the production of the plant until the end of 2041. The projects should be commissioned between January 2021 and January 2022.
The projects will be financed by local institutions BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and BNB (Banco do Nordeste), with an expected financial close between Q4 2019 and Q1 2020.
Powertis intends to develop 2 GW of solar PV by 2022 between Brazil and Spain with 1 GW per country. According to the National Plan for Energy Expansion (PDE), solar is expected to represent 4% of Brazil's energy mix in 2027 (9 GW).
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