May 13 (Renewables Now) - Brazil's Administrative Council for Economic Defense (CADE) has approved the acquisition of two solar distributed generated (DG) systems by EDP GRID Gestao de Redes Inteligentes de Distribuicao SA.
The unit of EDP Energias do Brasil SA (BVMF:ENBR3) is buying the solar DG assets through the complete acquisition of Brazilian energy company UFV SP V Equipamentos Fotovoltaicos Ltda, a unit of solar company GDSolar. The business of the latter includes the development of solar projects for future sales.
The approval of the transaction was given without any restrictions, CADE said on Tuesday. The systems being acquired are located in Taubate municipality, Sao Paulo state. Their capacity was not disclosed.
The transaction represents an opportunity for the EDP Group to develop new photovoltaic (PV) generation projects in the country, expand its renewable generation portfolio and attract new customers, CADE notes.