Brazilian mining company Vale SA (BVMF:VALE3) announced today it will built a 766-MWp solar photovoltaic (PV) plant in the municipality of Jaiba, Minas Gerais state.
Vale will invest around USD 500 million (EUR 414.1m) in the development of the Sol do Cerrado Solar Project to provide clean power to the firm and its affiliates' operations.
In addition to the construction of 17 sub-parks, Vale will also build an elevator substation and a transmission line and implement a connection bay at the 230-kV Jaiba substation.
With operation scheduled to begin by the fourth quarter of 2022, Sol do Cerrado will generate about 193 average megawatts (MWa) per year, enough to meet 13% of Vale's estimated demand in 2025.
Overall, the mining giant is targeting 100% renewable energy self-production in Brazil by 2025 and 100% renewables consumption globally by 2030.
The project is now subject to customary closing conditions, including approval by the power sector regulator Aneel.
(USD 1.0 = EUR 0.828)
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