Solar power manufacturer SunEdison has formed a joint venture (JV) with Brazilian renewable energy firm Renova Energia to develop, own and operate 1GW of utility scale solar photovoltaic (PV) energy for the regulated electricity market in the South American country.

The two power firms will have 50:50 shares in the JV.

Four utility-scale solar PV plants will be developed by the firms in Bahia state, Brazil by 2017.

According to its contracts with the Brazilian energy commercialisation authority, Camara Comercializadora de Energia Electrica (CCEE), the JV needs to install 106.9MW of solar power in the country.

"Rennova’s joint venture with SunEdison positions us as the best entity to serve the needs of the Brazilian renewable energy market."

CCEE awarded the contracts for solar power constructions through the 2014 Reserve Supply Auction (2014 LER), which was the nation’s first renewable energy auction.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Power Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Brazilian Development Bank (BNDES) will fund construction of the power plants.

Renova president Mathias Becker said: "Renova’s joint venture with SunEdison positions us as the best entity to serve the needs of the Brazilian renewable energy market.

"This opportunity to enter the solar energy market has been two years in the making, and we’re excited to see the tremendous support from the Brazilian local and state authorities in developing this and other opportunities for utility scale solar."

SunEdison EMEA and Latin America president Jose Perez said: "Aligning the best partners, financiers, and products in a joint venture like this ensures cost competitive, clean energy for the local utility.

"This agreement reinforces our leading position in Latin America."

Brazil intends to embrace renewable power to meet its national energy requirements. SunEdison and Renova are expected to support the nation’s push towards solar power generation.