Canada's Solar Provider Group (SPG) is looking for a Brazilian partner to develop $250m of PV projects in the South American country over the next five years.
“I am excited at the opportunity the Brazilian market represents, for both Solar Provider Group, and the global solar industry. We look forward to building strong partnerships and providing clean, sustainable energy to my home country of Brazil,” said Cesar Frota, the company’s country manager.
SPG has already hired a team of workers in the country and is looking for corporate buyers for solar power.
Brazil’s solar capacity has grown substantially in recent years amid a reduction in prices of solar panels and rising local power prices.
The government projects around 9GW by 2027, as Brazil has solar irradiation of more than 1,600kWh/sq metre across almost all its territory, and utility-scale solar projects can be built there at a competitive R$3m per megawatt ($760,000/MW).
With business focused in Canada and the US, and some assets in Europe, this is SPG’s first venture into Latin America’s fast-growing renewable energy markets. It will join large PV players in the country such as Canadian Solar, Italy’s Enel, France’s EDF Renewables and Total Eren, and the US utility AES.
The solar sector has also attracted new players that were already present only in wind, including local developer, Casa dos Ventos and France's Voltalia, which are currently investing in solar PV.