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BYD to double solar panel production in Brazil - report

Solar panels. Featured Image: D and D Photo Sudbury/Shutterstock.com

January 3 (Renewables Now) - Chinese batteries and electric vehicles maker BYD Company Ltd (HKG:1211) plans to double solar panel production in Brazil starting from February 1, 2020.

The move is based on the company's optimism about the local market combined with falling component costs, BYD's marketing and sustainability director in Brazil, Adalberto Maluf, told Reuters on Thursday.

BYD expects that the Brazilian solar panel factories will reach a 35% share in the domestic market this year, against 20% in 2019. The company has been competing in the local PV equipment market since 2017 with its Campinas' factory.

The executive did not mention numbers, but stated that the new production goal will be made possible mainly by expanding teams, without major investments in production, Reuters pointed out.

Back in December, the Brazilian Chamber of Foreign Trade (Camex) zeroed import taxes for solar cells while the House of Representatives' Finance and Taxation Committee approved a bill which introduces incentives for the purchase of renewable energy equipment at farms.

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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