Nebras Power Investment Management, a Dutch affiliate of Qatar-headquartered Nebras Power, has acquired an 80 per cent stake in a portfolio of four major solar projects in Brazil.
The four solar plants have a combined total installed capacity of 482.6 MW and comprise Salgueiro Solar Holding SA, Francisco Sa Solar Holding SA, Jaiba Solar Holding SA and Lavras Solar Holding SA. All facilities have individual power capacities of between 100 and 152 MW.
As part of the agreement, Canadian Solar is expected to retain a 20 per cent interest in the projects and will partner with Nebras on the management of the engineering, procurement and construction the solar projects.
“We are truly pleased with this landmark acquisition. We have always had a keen interest in the prosperous energy sector in Latin America. This significant investment in Brazil will serve as the flagship venture for our advancement into North and South America,” said Fahad Bin Hamad Al Mohannadi, chairman of Nebras Power.
The construction of the Salgueiro project started earlier this year and is expected to be completed in 2020. The commercial operation date of the other three projects is scheduled for 2021.
Once all facilities are fully operational, they will have a total power capacity of more than 482 MW. Furthermore, the solar plants will comprise the largest bi-facial solar portfolio in Latin America.
Speaking about the completion of the acquisition of the Brazilian solar projects, Nebras Power chief executive Khalid Mohd. Jolo said: “Our portfolio in Brazil demonstrates our commitment to acquire and invest in renewable power projects that provide long-term energy solutions. At the same time, these investments bolster our reach in global energy markets and contribute to our success to become a leading international power developer.”
For Nebras Power, this latest acquisition officially cements its expansion into Latin America. While currently, the global power development and investment company has significant assets in Europe, Asia and in the Middle East and North Africa.