Each company will have a 50% interest in the JV, which intends to construct and operate four plants in the Brazilian state of Bahia by 2017.
Renova has won four contracts for 106.9MW of solar capacity in Brazil’s first renewable energy auction for PV projects.
About $197m will be required to develop the projects and the Brazilian Development Bank BNDES has agreed to provide financing for solar plant construction.
US-based SunEdison will deliver solar modules and trackers for the projects, which will be connected to Brazilian Regulated Electricity Market.
Renova Energia president Mathias Becker said: "Renova’s joint venture with SunEdison positions us as the best entity to serve the needs of the Brazilian renewable energy market.
"This opportunity to enter the solar energy market has been two years in the making, and we’re excited to see the tremendous support from the Brazilian local and state authorities in developing this and other opportunities for utility scale solar."
SunEdison president for EMEA and Latin America Jose Perez said: "Aligning the best partners, financiers, and products in a joint venture like this ensures cost competitive, clean energy for the local utility."
Brazil, which secures less than 1% of its energy from solar power, is planning to produce 3.5GW of solar energy by 2023, generating about 1.8% of its energy.
Image: Renova won four contracts for 106.9MW of solar capacity in Brazil’s first renewable energy auction for PV projects. Photo: Courtesy of Naypong/FreeDigitalPhotos.net.
