The renewable energy unit of Italys biggest utility company, Enel Green Power (EGP) has announced that it has begun construction on a 254 MW solar farm in Brazils Bahia state.
The Ituverava solar farm is scheduled for completion by the end of 2017, and will be completed at a cost of $400 million, the Italian developer said. EGP has so far won 553 MW of 20-year solar development contracts under Brazils auction process held in August.
Support for the Ituverava solar farm comes via a 20-year PPA with Brazils Chamber of Commercialization of Electric Energy, or CCEE.
Completion of the solar project will significantly boost EGPs PV footprint in Brazil, which currently stands at just 12 MW. Globally, EGP has around 1,650 MW of solar projects in execution or contracted, which demonstrate our growing commitment towards the further development of this technology in the coming years, said EGP CEO Francesco Venturini.
The Brazilian auction in which EGP was awarded the contract delivered more than 800 MW of solar tenders at just $0.08/kWh, and more than 11 GW of pre-approved solar projects via the reverse auction process.
In Italy, EGP has recently closed a joint venture agreement with F2I to develop solar PV projects in the country, bringing together a combined solar portfolio of 2017 MW of Italian installations. The enterprise has assets of more than 500 million.