June 7 (Renewables Now) - Brazilian utility Cia Energetica de Minas Gerais SA (BVMF:CMIG4), better known as Cemig, has contracted power generation from 1,240 MW of solar and wind capacity through its very own energy auction.
The company's tender awarded power purchase agreements (PPA) with a 20-year duration starting in January 2022, Cemig announced on Wednesday. For comparison, the lastest government auction, held in April, awarded contracts to 1,024.5 MW of renewable energy projects.
This auction allows Cemig to improve the conditions for renewing contracts with customers and increase its market share, the firm said in its statement.
According to its previous announcement, Cemig planned the auction to contract enough electricity to meet the demand in the Southeast, Midwest, South and Northeast markets.