Sowitec, Hydro Energi get approval for floating solar JV in Brazil
Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.
Brazil's Council of Economic Defense (CADE) has approved without restriction the creation of a joint venture (JV) between German renewables developer Sowitec Group GmbH and Norwegian Hydro Energi Invest AS for the development of a floating solar system.
According to the filling, the JV will work to develop and obtain the rights for a large-scale photovoltaic (PV) array at the Tucurui Hydropower Plant (HPP).
Sowitec, which has operations in several Brazilian states, said that the transaction follows its business model, while the Norwegian company stressed that it represents an opportunity to increase its renewable energy sources in Para state, replacing the use of energy from oil and coal sources.
No specific details about the investment or the shareholding composition were given in the antitrust document.