CGN Brasil, SAM, Minas Gerais govt strategy 800 MW solar project

• Brazil's Minas Gerais State Economic Development Secretariat (SEDE) and investment agency Invest Minas have actually authorized an agreement to sustain CGN Brasil Energia e Participacoes SA as well as mining firm Sul Americana de Metais SA (SAM) for the building and construction of an 800-MW solar farm.

According to a declaration by SEDE, the new park will certainly need an investment of BRL 3 billion (USD 554.4 m/EUR 571.2 m).

Under the regards to the bargain, CGN and SAM will certainly create a joint venture in order to develop the solar property, with building arranged to commence in 2024.

To be found in the north part of Minas Gerais state, the solar project will supply electricity to SAM's Block 8 project which includes a mining complicated as well as a water dam.

SEDE kept in mind that the project is anticipated to create yearly revenue of BRL 450 million starting in 2027.

CGN Brasil Energia e Participacoes is the local branch of China's CGN Energy International Holdings Co Ltd