Orion-E, an energy infrastructure firm, has signed an agreement with Bolt, an energy trader to construct solar photovoltaic plants in Brazil, reported Reuters.
The solar PV facilities would have a total capacity of 500MW,
In an interview with the news agency, Orion-E chief communications officer Hugo Albuquerque said that around $627.49m (BRL3.2bn) of investment is expected to be required for the solar venture.
The plants will be situated in several states of the country, including Minas Gerais.
Minas Gerais is the second most populous state of Brazil.
As per the agreement, Orion-E will build the projects, and Bolt will trade the solar energy to customers.
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Orion-E is owned by private-equity backed Domus Holdings
It has a portfolio of 1.2GW wind and solar projects of various sizes, either in finished or under development stages.
Involving small-scale production, the projects are anticipated to be operational within the next 24 months.
The South American country is witnessing an increase in the solar PV power capacity.
In a recent update, Brazilian solar PV association Absolar said the country has more than 18GW of installed solar PV power, accounting for 8.5% of the total power mix, reported Renewables Now.
The solar capacity installed has increased from 13GW in January 2022 to 18GW in August.
Image: The plants will be situated in several states of Brazil. Credit: Michael Schwarzenberger from Pixabay.