Exus Brasil Investimentos, a subsidiary of Exus Management Partners (Exus), has announced a deal to acquire 100% of the shares of Riacho da Serra Energia S.A.,and the project-related assets, from Decal Renewables and Upside Value, subject to regulatory approvals and other conditions precedent. 

Consisting of 20 solar parks situated in Piauí – the epicentre of Brazil’s highest radiation ‘solar belt’ – the project shall have a total installed capacity exceeding 1GW already granted by ANEEL, Brazil’s electricity regulatory agency.

The development will represent an investment of more than BRL 3.5 billion (USD $650 million) in the country, create around 2,500 direct and indirect jobs, bring development to the communities involved, power 950,000 homes with clean energy, while reducing approximately 1 million tonnes in CO2 emissions.

With interconnection also granted, and contracts for the use of the transmission system signed with national grid operator ONS, the cluster is fully licensed to commence construction.

The structuring of the project will be finalised in two phases, with the objective of achieving commercial operation by the second half of 2024.

Pedro Fragoso, Partner at Exus Brazil, said:
“We are delighted to have secured a deal for a highly significant project in the context of Brazil’s energy mix. We are proud to not only be delivering green energy to almost one million homes, but also injecting investment into the country and local communities, creating thousands of new jobs, and significantly reducing CO2 emissions. Brazil has an astonishing abundance of renewable energy resource and opportunity, and we look forward to playing our part in both growing the domestic sector, as well as helping to drive the global journey to net zero.”

Matteo Fedeli, CEO at Decal Renewables, mentioned: 
“It has been a pleasure working with the Exus’ team so far and we look forward to completing the transaction in the following months. We are proud to contributing towards the energy transition in the country and globally, despite the very challenging conditions affecting the industry.”

EnriqueSira, CEO at Upside Value, commented: 
“We are extremely pleased to have completed the development of “Riacho da Serra Fase 1”. Like the rest of projects in Upside's portfolio, “Riacho da Serra Fase 1” has been conceived to bring a large positive impact in terms of clean energy generation, CO2 mitigation and contribution to economic development and value creation. We wil lcontinue to develop high quality projects and partner with suitable investors and generators to play our part in the development of renewables infrastructure and in the transformation of power generation industry in Brazil and the countries where we operate.”

KeyFacts Energy: Renewable Energy news