CGN Brasil, SAM, Minas Gerais govt plan 800 MW solar project
Solar panels by iamme ubeyou.
September 30 (Renewables Now) - Brazil’s Minas Gerais State Economic Development Secretariat (SEDE) and investment agency Invest Minas have signed an agreement to support CGN Brasil Energia e Participacoes SA and mining company Sul Americana de Metais SA (SAM) for the construction of an 800-MW solar farm.
According to a statement by SEDE, the new park will require an investment of BRL 3 billion (USD 554.4m/EUR 571.2m).
Under the terms of the deal, CGN and SAM will form a joint venture in order to develop the solar asset, with construction scheduled to commence in 2024.
To be located in the northern part of Minas Gerais state, the solar project will supply electricity to SAM's Block 8 project which consists of a mining complex and a water dam.
SEDE noted that the project is expected to generate annual revenue of BRL 450 million starting in 2027.
CGN Brasil Energia e Participacoes is the local branch of China's CGN Energy International Holdings Co Ltd.