Elecnor – which already has operating wind power assets in Brazil – requested the cancellation of the PV projects in October 2015 through its newly-created investment unit Celeo do Brasil.
Brazil's power regulator Aneel approved the cancellation at its board meeting this week.
The projects – Etesa 3, 4, 5 and 6 of 30MW each – are all located in the northeastern sate of Pernambuco and had been registered for Brazil’s tenders since 2014, when national solar PV auctions started.
Elecnor claimed that uncertainties in costs, volatility in the foreign exchange rate, the lack of a local solar PV supply chain – which in turn affects access to cheap financing from the National Development Bank BNDES – and the lack of links to...
