Solar Provider Group Plans to Invest $250 mn in Brazilian Solar Market

• Solar Provider Group has arranged a team to enter the Brazilian solar market with the goal to complete investments worth $250 million over the next 5 years

Canada-based Solar Provider Group (SPG) has announced that it has arranged a team to enter the Brazilian solar market with the goal to complete investments totaling USD 250 million over the next five years.

The solar market in Brazil is growing exponentially, with 3.3 GW deployed in 2019 alone, 44 percent growth since 2018, and an estimated 126 GW by 2040. Public opinion and support have been essential for this substantial growth.

In a recent survey by Ibope Inteligencia, 93 percent of Brazilians want to produce their own renewable electricity at home. Additionally, in a 2015 survey done by DataSenado, 85 percent of Brazilians supported more public investments in renewable energies, such as solar and wind. The Government’s goal is to attract USD 8 billion in private direct investments, generating more than 160,000 new jobs.

SPG believes that the Brazilian market has the right set of opportunities that fit perfectly into the company’s global strategy. With a track record that spans 11 countries and over a dozen US states, the company excels at executing in young, fast-growing solar markets.

To achieve its ambitious goals, the firm is looking for local development partners in Brazil, as well as corporate buyers of energy.

The team will be led by Cesar Frota. “I am excited at the opportunity the Brazilian market represents, for both Solar Provider Group and the global solar industry. We look forward to building strong partnerships and providing clean, sustainable energy to my home country of Brazil,” said Frota.

“With its financing, structuring, engineering and development expertise, SPG is looking to build relationships with Brazilian solar companies that excel at permitting and development on a local level. SPG has experience in forming strong partnerships and executing at scale, thus increasing deployment speed and adding value. Having applied this strategy successfully in various emerging economies across the globe, SPG’s approach benefits all parties involved, including helping local developers to scale faster and more profitably while minimising project attrition,” the firm issued in a statement.

The firm is also looking to build relationships with corporations with significant energy costs that are interested in buying solar power at a discount compared to current retail prices. Its one-stop solution enables companies to switch a substantial portion of their energy consumption to cheaper and cleaner power in a simple, sustainable fashion.