Brazil's Council of Economic Defense (CADE) has approved the creation of a joint venture (JV) between German renewables developer Sowitec Group GmbH and Norwegian Hydro Energi Invest AS for the development of a floating solar project that will be located at the lake of Tucurui, state of Pará, Brazil
The JV will work to develop and obtain the rights for a mass photovoltaic (PV) array at the Tucurui Hydropower Plant (HPP).
Sowitec has been working in several Brazilian states and follows its business model for the transactions. While Norwegian Hydro Energi Invest AS emphasizes that replacing the use of energy from oil and coal sources is an opportunity to increase the renewable energy sources in Para state.
Antitrust authorities in Brazil, one of several authority permits necessary to establish the project, has approved the joint venture on May 6, 2019. Hydro and Sowitec expect that it will take around two years before the project can be in a profitable way.
