Cemig looks for partners for $1bn solar power project in Minas Gerais, Brazil

12 August 2015 (Last Updated August 12th, 2015 18:30)

Brazilian utility Cemig is seeking a project partner for its upcoming BRL4bn ($1.15bn) investment in a new solar power project in the state of Minas Gerais.

Brazilian utility Cemig is seeking a project partner for its upcoming BRL4bn ($1.15bn) investment in a new solar power project in the state of Minas Gerais.

The firm aims to collaborate with organisations having technological competence and experience in renewable development, reported Reuters.

Cemig CEO Mauro Borges Lemos was cited by the news agency as saying that the firm wants to locally source the photovoltaic panels with the help of a company possessing technological experience in panel production, and that is willing to transfer technology.

"The firm wants to locally source the photovoltaic panels with the help of a company possessing technological experience in panel production."

Further details about the facility’s location or when the development is expected to start have not been disclosed.

Following selection of the partners and a final investment decision, the project is likely to take up to three years to construct.

The Brazilian state of Minas Gerais has one of the best irradiance levels in the world.

Mining for silicon, which is the raw material used for manufacturing solar panels, is also carried out in the area, prompting Cemig to pursue locally manufactured modules.

Despite having one of the best solar radiation factors in the world, Brazil has not attempted to expand its solar power generation capacity until now.

Going forward, the South American country has set a target to produce 3.5GW of solar power by 2023.

Additionally, the Brazilian Government has launched the Investment Program in Electric Power (PIEE) where it plans to contract 10GW to 15GW of new renewable energy projects between August this year and December 2018.