May 31 (Renewables Now) - State Grid Corporation of China will invest a total of BRL 140 billion (USD 37.5bn/EUR 32.2bn) over the next five years in Brazil's energy sector, Reuters reported on Wednesday, citing an official.
The investments will be made in transmission and energy generation projects, including solar photovoltaic (PV) and wind projects. Investment in the transmission segment alone will total more than BRL 90 billion, according to the vice president of State Grid's local unit, Qu Yang.
After evaluating the potential for solar and wind power in Brazil's northeastern and southern states, the company plans to use high voltage transmission technology to connect remote plants to population centres, thus reducing power losses and easing worries of big power generation companies about their exceeding output, vice president Qu Yang was quoted as saying.
(BRL 1 = USD 0.27/EUR 0.23)