EDP buys up local solar projects in Brazil

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EDP Brasil has signed an agreement to acquire AES Brazil’s distributed generation investment platform AES Inova.

The acquisition, which involves an investment of R$177 million ($31 million), adds 34MWp to the company’s distributed solar generation business area and doubles the size of its project portfolio.

The assets are located in the states of Rio Grande do Sul, São Paulo and Minas Gerais.

Almost half, approximately 16MWp refers to contracted and commercial projects. The remaining 18MWp involves ready-to-build projects in Minas Gerais, which will enable EDP to develop these and exploit operational synergies with other assets in the region.

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“For EDP, this operation represents an excellent combination of contracted projects, which means guarantee of revenue and mitigation of risks, and projects under construction in which we stand out for the excellence of delivery in the predefined time and cost,” says João Marques da Cruz, EDP’s CEO in Brazil.

“This is yet another firm step by EDP towards its goal of leading the energy transition in the country, focusing heavily on distributed and centralised solar generation.”

The R$177 million investment includes an acquisition value of R$101.7 million ($17.9 million), and capex for project development. The assets will fall under EDP Smart, which provides smart services and solutions.

EDP ended 2020 with 65.3MWp of solar energy in its portfolio, 34.5MWp in projects already delivered to clients such as Banco do Brasil, TIM, Claro, Johnson & Johnson, among others, and 30.8MWp in projects in development and under construction.

Last December, EDP signed an investment agreement with solar developer Blue Sol, with the aim to acquire a 40% stake in the company and increase its reach into the residential solar energy segment.

Blue Sol sold projects worth more than 17.5 MWp in 2020, bringing its total since 2015 to 50MWp in the residential, business and agribusiness segments.