Omega Geração acquires 50% of 312 MW Pirapora solar complex in Brazil

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Brazilian hydro and wind power operator, Omega Geração S.A. has acquired a 50% interest in the Pirapora solar complex in the Brazilian state of Minas Gerais

The company said it will invest around BRL 1.1 billion ($283.6 million) in the transaction, while the French energy giant, EDF and Chinese-Canadian solar module maker, Canadian Solar will maintain a stake of 30% and 20%, respectively, in the complex.

“Pirapora will be Omega’s first solar investment and, after completion of the transaction, solar energy will account for 25% of the company’s installed capacity, while wind and hydroelectric power will represent 62% and 13%, respectively,” Omega said in its statement.

The Pirapora complex is set to have a combined capacity of 321 MW. Of this capacity, 284 MW, respresented by the Pirapora I and III projects, was connected to the grid at the end of 2017.

EDF acquired an 80% interest in both Pirapora plants from Canadian solar, as well as in the remaining Pirapora II project, last year.

All three of the plants will rely on solar modules provided by Canadian Solar, which also owns and operates a 380 MW PV module factory near Sao Paulo. The company was able to secure a huge number of projects with a combined capacity of more than 800 MW in Brazil’s renewable energy auctions, in which around 4 GW of solar projects were awarded.

Solar projects that use locally manufactured PV components can gain access to the financing of the Brazilian development bank, BNDES. The Pirapora project was the first project to recive a BRL 529 million ($168.4 million) loan in May of 2017.