Gas Natural Fenosa, through its subsidiary GPG, signs an agreement for purchasing its second 83 MWp photovoltaic electricity generation project in Brazil.
- The multinational energy company will invest approximately 95 million euros in developing two photovoltaic projects located in the state of Minas Gerais.
- Generation of energy by the projects, which will begin to operate at the end of the fourth quarter of 2018, is expected to stand at 165 GWh per year.
- The agreement is subject to specific prior conditions, including approval by the competent Brazilian authorities.
GAS NATURAL FENOSA, through its subsidiary, Global Power Generation (GPG), agreed to acquire two solar photovoltaic plants in Brazil from Canadian Solar Inc.
The energy multinational will invest approximately 95 million euros in developing what will be its second electricity generation project in the country, having successfully implemented the Sobral and Sertao projects, brought into operation in 2017. It is estimated that the project will produce 165 GWh annually. The 83MWp photovoltaic projects, named Guimarania I and Guimarania II, are located in the state of Minas Gerais, and are expected to start operating in the fourth quarter of 2018.
The facilities to be developed by GPG are associated with a generated power sales agreement for 20 years with the Brazilian State system, at an approximate average price of €97.5/MWh.
This latest acquisition strengthens GPG’s commitment to renewable generation in Latin America by doubling its generation in the Brazilian market since making inroads in 2017.
Global Power Generation (GPG)
Global Power Generation (GPG) is GAS NATURAL FENOSA's international power generation company, with a 25% participation by Kuwait Investment Authority (KIA), the world's oldest sovereign wealth fund, founded in 1953. It manages an installed generating capacity of around 3,000 MW and has a workforce of approximately 800 professionals.
Scope and subject: Corporate, Electricity business, Generation