“Up to the end of 2022, we’ll build 70% of the capacity projected and the rest will be built in 2023,” says Pedro Vaquer, Solatio’s Brazil manager in meeting with the government of Minas Gerais state broadcast over social networks.
The Spanish developer plans to construct 12 projects raging from 10MW to 2GW in capacity. According to Solatio’s Vaquer, over 6GW will sell power in the non-regulated market.
All the projects will be built in the state of Minas Gerais, Brazil’s third most industrialized state which is located in the country’s south-eastern region.
Solar power in Brazil has been booming as panel prices have declined. Also helping is PV has a good track-record backed by constant and high insolation levels during the year.
This is attracting a rush of investments.
Aside from Solatio, Italy’s Enel Green Power, France’s EDF and even oil majors such as Equinor and BP are investing in solar power in Brazil. Brazil’s 10-year energy development plan pegs solar capacity to reach 9GW by 2027.
Demand for utility scale and distributed generation projects and for regulated and non-regulated projects has been surging. In the last regulated market tender held in June, 203MW of solar projects were contracted at record low price of around $17/MWh an over 29GW of solar PV projects are registered for the upcoming tender in October, surpassing the 25GW of wind entries.
Solatio is one of the leading solar developers in Brazil. It has 660MW in operation in Minas Gerais.