Brazil: Renova Energia to move into solar sector

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The decision to move into the solar sector was unanimously approved by the shareholders during a meeting held at the company’s headquarters in São Paulo.

Specifically, the decision allows Renova Energia to actively participate in the "market of electricity generated by solar generation equipment, including, but not limited to, the commercialization of energy generated by solar equipment and the commercialization of equipment for generation, transmission and distribution of solar electricity."

Renova Energia’s shareholders also accepted the management’s request to expand corporate activities to include sale of equipment for the processing of polysilicon, ingots, wafers, cells, modules and invertors, according to the minutes of the extraordinary meeting.

Furthermore, a proposal to permit the company to provide engineering, construction, logistical, project and study development services "for generation of energy in all of its forms" and to "produce and commercialize equipment for generation, transmission and distribution of energy," was approved.

Renova Energia says its goal is to lead the market for solar power generation in Brazil, in an attempt to emulate the superior performance that it achieved in the wind sector.

The company expects the federal government to organize a solar electricity auction relatively soon and has been collecting solar irradiation data from a large area in southwest Bahia state since 2011, where it already operates a wind farm complex. The region is tipped to have one of greatest potentials for solar energy generation in the country.