EDP Renewables enters the Brazilian solar energy market
EDP Renewables, through its subsidiary EDP Renováveis Brasil, has secured a 15-year contract for the sale of the electricity to be generated by the Pereira Barreto photovoltaic solar farm.
The project, located in the Brazilian state of São Paulo, has a total capacity of 199 MW and the contract will take effect at the beginning of 2022.
With this agreement, EDPR enters the Brazilian solar energy market, reinforcing and diversifying its presence in a market with a low risk profile by establishing long-term contracts with attractive renewable resources and with strong prospects for the sector in both the medium and long-term.
"This agreement is further evidence of the importance of Brazil to the strategy of EDP Renewables and the group on the world stage. This entry into the Brazilian solar energy market is also a bet on the diversification of energy production technologies, always taking into account the increasingly important role of clean energy. Brazil is a priority market that is giving us good growth opportunities," says António Mexia, CEO of the EDP group.
With this partnership, EDPR will have 1 GW of renewable energy projects under construction and development in Brazil, with the expected start of operations between 2018 and 2024 and with long-term guaranteed rates.