Spanish Powertis invests in 765 MW of solar plants in Brazil

Powertis, a company that invests in the development, structuring, financing, construction and operation of large-scale solar PV projects in Europe and Latin America, is developing a 765 MW photovoltaic solar portfolio in the states of Minas Gerais and Sao Paulo, in Brazil.

The portfolio consists of one project of 495 MW and three projects of 90 MW each. All of projects are in construction phase at the moment. Spanish Soltec will be responsible for supplying solar trackers in all plants and facilitating installation and construction services.

The projects will need a total investment of BRL2.5 billion (US$613.3 million) approximately and will supply the energy needed for more than 1,150,000 households.

The portfolio has energy sales contracts (PPA´s) with two Brazilian frontline off-takers that will allow the operation of the plant by Powertis until the end of 2041. The projects will begin operations in January 2021 and January 2022.

The projects will be financed by BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and BNB (Banco do Nordeste), with an expected financial closing date in Q4 2019 and Q1 2020.

Powertis expects that the construction of these solar plants will create more than 7,200 direct and indirect jobs during installation and construction phases, which will be complemented by more than 160 permanent direct and indirect jobs when the plant is in operation.

“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”, says Pablo Otín, CEO of Powertis.