CITIC Invests $519m in 600 MWp Solar Park in Brazil

• CITIC Group Corp will invest BRL 2.5 billion to develop a solar project with a capacity exceeding 600 MWp in Brazil, creating 400-500 jobs and supporting the "Minha Casa, Minha Vida" housing programme.

CITIC Group Corp, a Chinese state-owned investment company, is investing in a solar power park in Rio Grande do Norte in Brazil. The project, expected to be completed in November this year, will have a capacity of 600 MWp with an estimated investment of BRL 2.5 billion. It will generate up to 500 jobs and marks CITIC's first investment in the Brazilian northeast. Additionally, the Chinese company has signed a number of MoUs with the federal government for the implementation of social housing projects, water supply, and sewage treatment technologies.

What Benefits Does CITIC's Investment Bring?

• Investment of BRL 2.5 billion (USD 519.32m/EUR 473.57m)
• Construction to begin in November of this year and generate 400-500 jobs
• First investment for CITIC in the Brazilian northeast
• Memorandums of Understanding (MoUs) signed with federal government linked to "Minha Casa, Minha Vida" housing programme
• Provide water supply and sewage treatment technologies
• Improve energy efficiency in the region
• Promote sustainable and renewable energy
• Bring economic growth to the region
• Increase access to clean energy