Qatar's Nebras Power, a joint venture between Qatar Electricity and Water Company (60%) and Qatar Holding (40%), is foraying into Brazil's fast growing renewables power market as part of expanding its global footprint.
In this regard, Nebras Power Investment Management (NPIM), a Dutch affiliate of Nebras Power, is acquiring 80% stake in four Greenfield solar PV (photovoltaic) projects in Brazil for which it Wednesday entered into “binding” agreement with Canadian Solar, a leading global solar PV developer and solar panels manufacturer.Last updated: April 24 2019 09:15 PM
The acquisition provides Nebras with access to the attractive and fast growing Brazil's renewable power market and is line with Nebras' stated objectives of establishing itself as a leading international power developer.
The portfolio being transacted is the largest bifacial solar PV portfolio to commence construction in Latin America with a total capacity of 482.6MW peak.
The Greenfield projects are Salgueiro Solar Holding 114.3MW peak, Francisco Sa Solar Holding 114.3MW peak, Jaiba Solar Holding 101.6MW peak and Lavras Solar Holding 152.4MW peak.
"The acquisition by our Dutch affiliate of a controlling stake in these for bifacial solar PV projects is a key milestone in the implementation of the vision we had for Nebras since its inception," according to Fahad Hamad al-Mohannadi, Nebras Power chairman.
He said Nebras is strengthening its international expansion with successful and reputable partners and makes a foray into key market, Brazil.
"This transaction not only conforms this vision but at the same time increases Nebras' global capabilities while bringing further geographic and technologic diversification to its portfolio," he said.
Stressing that Nebras is committed to becoming a leading international power developer, its chief executive Khalid Mohamed Jolo however said it is not planning to do alone but through partnerships.
"We witness today the illustration of our approach to team up with global and local reputable players in order to deliver growth in a sustainable and balanced manner. We are very pleased with this acquisition which adds to our solar capabilities in the Netherlands and our leading position in solar PV in Jordan,” he said.
"This transaction is a first step in a very dynamic region identified by Nebras as key for future growth which we intend to follow with more in the near future," said Faisal al-Siddiqi, Nebras chief business development officer.