Cemig solar DG unit seeks to invest in 22 MW of new capacity this year - report
Brazil's Furnas PV DG array
Brazilian solar distributed generation (DG) company Cemig S!M is looking to increase its installed capacity this year, jumping to 52 MW from the current 30 MW, Reuters reported on Friday, citing an official.
In order to fulfil its goal, the unit of Brazilian utility Cia Energetica de Minas Gerais SA (BVMF:CMIG4) is targeting the acquisition of 49% minority stakes in pre-operational or fully completed DG systems.
According to Cemig S!M's CEO, Danilo Gusmao Araujo, the company intends to invest around BRL 100 million (USD 18.8m/EUR 16m) in solar power this year alone.
In all, Cemig S!M foresees an investment of BRL 600 million over the next five years in solar and energy efficiency projects in Brazil, reaching BRL 1.4 billion in a ten year period.
For future projects, the company, which has been carrying out the transactions using its own resources, intends to obtain long-term loans with domestic financial institutions such as Banco do Nordeste (BNB) and the Minas Gerais Development Bank (BDMG).