European Energy and Impact Fund Denmark have sold the 93MW Coremas solar park in Paraíba, Brazil, to China Energy Overseas Investment Division in Brazil, known as CEEC Brazil – an Energy China company.
The companies said the sale includes three sites – Coremas I, II and III – which operate under a power purchase agreement with Brazil’s Reserve Energy Auctions.
European Energy said the divestment aligns with its strategy of developing renewable energy assets that attract long-term investors committed to the energy transition.
The Coremas complex (pictured) produces 172.35GWh of electricity annually, enough to power more than 70,000 homes.
European Energy said the project created local jobs and supported social initiatives including COVID-19 relief programmes.
European Energy vice president and country manager for Brazil Thiago Arruda said: “We are pleased to complete this transaction and to see the Coremas solar facilities continue their contribution to Brazil’s renewable energy mix under new ownership.”
He added: “Brazil has significant potential for solar energy, and this project demonstrates how international collaboration can support both clean energy generation and local economic development.”
Impact Fund Denmark managing director and co-head of green energy and infrastructure Reik Haahr Müller said: “The sale marks another successful exit in the Danish Climate Investment Fund.”
He added: “Coremas has generated significant local benefits, and the communities will continue to benefit from the project.”
He said: “The investment demonstrates how private capital can be mobilised to accelerate the green transition.”
European Energy said it maintains a 600MW pipeline in Brazil, including solar and wind projects, and is pursuing green fuel developments with Petrobras to produce e-methanol in Suape, Pernambuco.