SunEdison’s plans to set up a solar PV module manufacturing facility in Brazil may soon be taking shape.
According to reports in the Brazilian media, SunEdison is planning a joint venture with renewable energy project developer Renova to set up a solar module manufacturing unit in Brazil, which is part of SunEdison’s larger plan to significantly boost its presence in one of the fastest emerging solar power markets in the world.
In December last year, SunEdison and Renova formed a joint venture to develop 1 GW of solar power projects in Brazil. SunEdison agreed to supply solar PV modules and trackers for four projects with 107 MW capacity, projects which were secured under the first renewable energy projects auction in Brazil.
In May this year, Renova sold renewable energy assets to SunEdison’s yieldco TerraForm Global, including hydro power and wind energy projects, with a cumulative installed capacity of 336.2 MW. SunEdison also enjoys the right to acquire a further 1,870 MW capacity from Renova.
A few weeks back SunEdison also announced its decision to acquire a 15.87% stake in Renova for a sum of $250 million. Renova Energia has an operational power capacity of about 800 MW, with about 1.7 GW capacity under various stages of development.
With a significantly large solar power capacity lined up for auction in Brazil, several global companies are looking to set up module manufacturing units in the country. This includes China’s BYD which plans to make an initial investment of $50 million in Brazil. The company has already won orders to supply 400 MW of solar PV modules.