Powertis invests in 765 MW in solar plants in Brazil

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Powertis, a company that invests in the development, structuring, financing, construction and operation of large-scale solar PV projects, 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. The Spanish company Soltec will be responsible for supplying solar trackers in all plants and facilitating installation and construction services. These projects will need an investment of B$2.500 MB$ (552 M€) approximately and will supply the energy needed for more than 1,150,000 households.

This portfolio has energy sales contracts (or PPAs – Power Purchase Agreements) 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.

Their strategic and financial advisor is BTG Pactual, a leading bank in Brazil in the area of M&A and financing in the energy sector.

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.

The company has become one of the main PV investors in Brazil after the acquisition of more than 700 MW in solar projects, and a leader in the ACL and bilateral PPAs markets. “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.

Source: Powertis