Oslo, February 1, 2016: Scatec Solar has signed an agreement with the Spanish Company, Grupo Gransolar, to acquire a majority stake in two solar projects totalling 78 MW (DC) in the state of Piaui in Brazil.
The projects were bid and won by Gransolar in the auction process held by ANEEL, the Brazilian Electricity Regulatory Agency, in August 2015. The projects will enter into 20-year Power Purchase Agreements (PPAs) with ANEEL. Located in the state of Piaui in North-Eastern Brazil, the solar power plants are expected to provide about 164,000 MWh annually to the grid, generating revenues of about BRL 55 million per year (USD 14 million).
"The solar market in Brazil has significant long term potential and we want to take part in the development of this market. Norway and Brazil have strong bilateral relations with deep alliances within several industries and with these first projects we believe Scatec Solar is well positioned to participate in this market going forward," said Raymond Carlsen, CEO of Scatec Solar.