US-based renewable energy company SunEdison has announced that it plans to set up a solar photovoltaic module manufacturing facility in Brazil.
A joint venture with Brazilian renewable energy project developer Renova will set up the facility. It will be part of larger plans SunEdison has for Brazil.
Last December SunEdison and Renova had formed a joint venture to develop 1 GW of solar power projects in Brazil.
And SunEdison agreed to supply solar photovoltaic modules and trackers for four projects with total capacity of 107 megawatts. The projects were secured under the first auction of renewable energy assets in Brazil.
In May, Renova sold clean energy assets to TerraForm Global, the yieldco of SunEdison. It included hydropower and wind energy projects, with cumulative installed capacity of 336.2 megawatts.
SunEdison also holds the right to acquire capacity of another 1,870 megawatts from Renova. Recently SunEdison also announced its decision to acquire 15.87 percent stake in Renova for $250 million.
Companies such as BYD of China are among international renewable energy players vying for a slice of Brazil’s solar power auction.
BYD plans to make an initial investment of $50 million in Brazil and has already bagged orders for 400 MW of solar photovoltaic modules.
Ajith Kumar S
editor@greentechlead.com