Braxenergy portfolio up for sale

Brazilian independent renewable developer Braxenergy is selling a 5GW project portfolio because of ‘unfavorable’ regulatory conditions, the company’s CEO Hélcio Camarinha said.

One Brazilian company, one American renewable energy firm and a third foreign company started due diligence to appraise the value of the projects a month ago, he added.

Braxenergy plans now to focus on consulting for the energy sector and is investing in transmission after winning a bid last year with LT Bandeirante to build three 230kV lines with total length of 318km in the state of Maranhão and a fourth 65km, 230kV line in the state of Ceará.

Although Braxenergy developed some solar projects in South Africa, in Brazil, the company didn’t manage to develop any of the projects in its portfolio.

Of the total 5GW portfolio, 60% is solar (both PV and CSP), 10% wind and the other 30% of the projects include small-scale hydroelectric and other technologies.

The assets include technical projects, licenses and, in some cases, land lease contracts, said Camarinha.

“There is no planning and no vision in the country”, claimed Camarinha. “Brazil is 40 years late in terms of solar technology and it seems there are unclear economic interests that do not allow the solar sector do develop.”

Braxenergy was created seven years ago and employs 22 people, mostly engineers. Camarinha is one of four stakeholders and holds 60% of the company.