SunEdison and Brazilian renewable energy group Renova Energia have created a joint venture to develop, own and operate 1 GW of utility-scale solar photovoltaic that will supply Brazil's regulated electricity market.
Renova and SunEdison will each own a 50% stake in the joint venture, which aims to build and operate four utility-scale solar power plants in the state of Bahia by 2017. The joint company will install 106.9 MW of solar by 2017 as part of contracts awarded by Brazils energy commercialization authority, the Camara Comercializadora de Energia Electrica (CCEE). The CCEE awarded the contracts in the 2014 Reserve Supply Auction, the countrys first renewable energy auction to specify a need for solar capacity.
SunEdison will supply solar modules and trackers for the projects, to be assembled in Brazil, with plant construction financed by the Brazilian Development Bank (BNDES).
"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," said Renova President Mathias Becker.
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