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Italy's Enel Green Power has outlined plans to invest US$600mn in new renewable energy projects in Brazil.
The Rome-based firm was awarded 254MW of photovoltaic capacity and 90MW of wind during Brazil's reserve auction for 20-year supply contracts on Friday (October 31).
In a statement on Monday, Enel said the Ituverava solar project had been budgeted at US$400mn while the Delfina wind complex will require US$200mn. Both facilities will be built in the northeastern state of Bahia.
"Once up and running, the two plants will be able to generate up to some 900GWh per year of sustainable energy, thereby helping to meet Brazil's high demand for new energy, which is forecast to grow at an average annual rate of 4% through 2020," Enel said.
Developers committed to building 31 solar plants at the auction, totaling 890MW of installed capacity. The average value of photovoltaic contracts was 170 reais (US$68)/MWh, 10% below the government-enforced price cap.
The round also attracted 769MW of wind power at an average 142 reais/MWh, 1% below the ceiling price.
Plants are due online in October 2017 and will attract overall investments of 7.1bn reais, according to the government.
Bahia state, in Brazil's northeast, attracted the highest number of projects with 30, followed by Ceará (2), Goiás (1), Minas Gerais (3), Paraíba (1), Pernambuco (3), Piauí (3), Rio Grande do Norte (10) and São Paulo (9).
BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.