After an eight-hour tender, Brazil’s government cancelled PPAs with a capacity of 553MW in wind and solar power, equivalent to 13% of the non-performing projects eligible for cancellation, power trading chamber CCEE said in a statement.

The government raised just over R$105m ($33.48m) in voluntary fines for the cancelled projects.

Brasilia had decided to hold the de-contracting tender to allow investors to cancel non-performing wind, solar and hydro projects in order to give planners a more realistic picture of Brazil’s power needs by eliminating capacity which would not come on line.