Upon entering into operations, the projects will be able to generate enough power to meet the electricity needs of over 1,150,000 households
Madrid-headquartered Powertis has announced plans to develop 765MW of solar projects in the states of Minas Gerais and Sao Paulo, in Brazil.
The solar portfolio to be developed by the company will include a 495MW project and three projects of 90MW each.
Spanish company Soltec will provide solar trackers for all the solar projects, apart from facilitating installation and construction services.
Upon entering into operations, the projects will be able to generate enough power to meet the electricity needs of over 1,150,000 households.
With the portfolio holding power purchase agreements (PPAs) with two Brazilian frontline off-takers, Powertis is expected to operate the plants until the end of 2041.
The solar projects are anticipated to commence operations in January 2021 and January 2022.
BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and BNB (Banco do Nordeste) will provide financing for the solar portfolio. Financial close for the projects is expected to take place in the fourth quarter of 2019 and the first quarter of 2020.
BTG Pactual, a major bank in Brazil, is the strategic and financial advisor for Powertis.
Powertis CEO Pablo Otín said: “With the construction of these four projects, Powertis continues to strengthen its position in the Brazilian market and also contributes to the generation of jobs through the implementation of clean energy.”
During installation and construction phases, the solar projects are expected to create more than 7,200 direct and indirect jobs.
The solar project will create over 160 permanent direct and indirect jobs following the commencement of its operations.
Powertis to develop 2GW solar project in Brazil and Spain
In February, Powertis announced plans to develop 2GW of solar PV projects during the next three years in Brazil and Spain, with 1GW in each country.
Powertis stated: “The company has become one of the main PV investors in Brazil after the acquisition of more than 700 MW in solar projects, and a leader in the ACL and bilateral PPAs markets.”
The company is engaged in investing in the development, structuring, financing, construction, and operation of large-scale solar PV projects in Europe and Latin America.