SPG said that the Brazilian solar market is growing exponentially, with 3.3GW deployed last year
Solar Provider Group (SPG), a Canadian solar development company, has announced its plans to invest $250m in the Brazilian solar market over the next five years.
As per SPG, the Brazilian market offers better opportunities that fit well into the company’s global strategy.
SPG said that the Brazilian solar market is growing exponentially, with 3.3GW deployed last year, which was 44% growth compared to 2018. The country’s solar capacity is estimated to reach 126GW by 2040.
The Brazilian government is also targeting to attract nearly $8bn in private direct investments, which could generate more than 160,000 new jobs. SPG is now looking for local development partners in Brazil, along with corporate buyers of energy.
Solar Provider Group business development head Cesar Frota said: “I am excited at the opportunity the Brazilian market represents, for both Solar Provider Group, and the global solar industry. We look forward to building strong partnerships and providing clean, sustainable energy to my home country of Brazil.”
SPG intends to build relationships with Brazilian solar companies
With expertise in financing, structuring, engineering and development, SPG intends to build relationships with Brazilian solar companies that are experienced in development on a local level.
The company aims to increase deployment speed and value addition, with its experience in forming partnerships and executing at scale with local companies.
Last November, SPG announced that its 6MW solar farm in the Netherlands is in late development stage. When completed, the plant is expected to generate enough clean energy to around 2747 Dutch households.
For its Solar Park Nieuweweg, the company has applied for the Netherlands’ renewable energy program, The Stimulering Duurzame Energieproductie (SDE+), which aims to help the country reach the goal of generating 14% of its electricity from renewable sources this year.
Solar Park Nieuweweg is the first solar project being developed by the firm in the Netherlands.