Brazil: Pure Energy secures $10 million for new module fab

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The National Bank for Economic and Social Development (BNDES) has approved BRL 26 million ($9.7 million) in funding for a photovoltaic module factory built by PV solar equipment manufacturer Pure Energy the northern Brazilian state of Alagoas.

BNDES will finance 75% of the project’s total budget. The Pure Energy fab, located in the Alagoas municipality of Marechal Deodoro, is the first module factory to receive BNDES financing.

Fellow Brazilian company Solinova, which emerged as a startup from the University of Sao Paulo, is partnering with Pure Energy on the new factory, which will cover an area measuring 80,000 square meters in Marechal Deodoro’s José Aprígio Vilela industrial area.

In addition to the BNDES funding, which includes some BRL 7.5 millino ($2.8 million) for the purchase of foreign-made equipment, the project has also received backing from the state of Alagoas in the form of financial and building site incentives to Pure Energy, which is understood to be investing some BRL 40 million ($16.6 million) in the construction of the 40 MW-capacity factory.

The company will also build a 1 MW PV plant in the area to provide electricity and also to test equipment, according to BNDES.

Based in the Alagoas capital of Maceio, Pure Energy has worked closely with Italy’s BMS and Italian renewable energy company Regran.

Source: pv magazine Latinoamérica