Canada’s Solar Provider Group (SPG) is the latest foreign developer to enter the Brazilian PV market, with a plan to invest US$250 million over the next five years.
The company said in a statement that it is looking for local development partners and corporate off-takers to work with its newly-established Brazilian team.
SPG joins a number of international developers capitalising on Brazil’s bullish solar market. Italy’s Enel, Spain’s Enerside, the UK’s Lightsource BP and France’s EDF Renewables all have utility-scale projects in the country.
Brazil’s president Jair Bolsonaro has championed the country’s bourgeoning PV industry since his election in late 2018, expanding the scope of state-run auction schemes to include solar and sponsoring major industry-friendly investment projects.
Solar players bagged 530MW in contracts of the 2.979GW awarded at Brazil’s new generation auction in October 2019.
According to statistics touted by SPG, 3.3GW of PV was deployed in 2019 in Brazil, a 44% increase from the year prior.
SPG has offices in Toronto and the US, UK, Netherlands and Germany and has 1.295GW of PV in development in 11 countries.
The prospects and challenges of Latin American solar and storage will take centre stage at Solar Media’s Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.