Sustainable investments manager Exus is to acquire a 1GW solar project complex in Brazil from Decal Renewables and Upside Value.
Exus Brasil Investimentos will acquire all the shares of Riacho da Serra Energia, and the project-related assets, for a complex comprising 20 solar projects in Piauí.
The sites total just under 1.1GW and have already been granted permission by ANEEL, Brazil’s electricity regulatory agency.
With interconnection also granted, and contracts for the use of the transmission system signed with national grid operator ONS, the cluster is fully licensed to commence construction.
The structuring of the project will be finalised in two phases, with the objective of achieving commercial operation by the second half of 2024.
The development will represent an investment of more than $650m in the country and could create around 2500 direct and indirect jobs as well as bring development to the communities involved.
Pedro Fragoso, Partner at Exus Brazil, said: “We are delighted to have secured a deal for a highly significant project in the context of Brazil’s energy mix.
“We are proud to not only be delivering green energy to almost one million homes, but also injecting investment into the country and local communities, creating thousands of new jobs, and significantly reducing CO2 emissions.
“Brazil has an astonishing abundance of renewable energy resource and opportunity, and we look forward to playing our part in both growing the domestic sector, as well as helping to drive the global journey to net zero.”
Matteo Fedeli, CEO at Decal Renewables, added: “It has been a pleasure working with Exus’ team so far and we look forward to completing the transaction in the following months.
“We are proud to be contributing towards the energy transition in the country and globally, despite the very challenging conditions affecting the industry.”