Nordic Power Partners, which was the first major investment made by the Danish Climate Investment Fund, has sold the project rights to a solar plant of 91MW in Brazil. The sale is a milestone for the Danish Climate Investment Fund.
The company Nordic Power Partners (NPP) was established by the Danish Climate Investment Fund and European Energy to identify and develop solar and wind projects in developing countries and emerging markets. One of the projects is a solar plant in the Brazilian state of Pernambuco, which will produce more than 150 million kW a year. It corresponds to the annual electricity consumption of 55,000 Brazilians.
The project was developed in cooperation with local developer Eólica, and the project rights to the solar plant have been sold to the Brazilian energy supplier AES-Tietê. The company expects to connect the plant to the national grid end of 2018.
Continued focus on Brazil as an investment country
Even though NPP is selling its project rights in Brazil, the country is still a focus area for NPP. Currently, NPP is implementing a number of large-scale solar projects in Brazil, which are all expected to be connected to the national grid in 2017 or 2018.
– We wish to continue our investments in Brazil, and we are already looking at several interesting projects, including a solar project in Coremas, Paraiba in north-east Brazil. By selling the project in Pernambuco, we have paved the way for developing and selling more new projects, said Reik Haahr Müller, Vice President for Climate Investments in IFU.
The first exit of the Danish Climate Investment Fund
Selling the rights to the solar plant through NPP is also a milestone for the Danish Climate Investment Fund, as it is the first time the Fund is exiting a project.
– The Danish Climate Investment Fund was established in 2014, and has now matured to the point where we are exiting our first major investment. We are very pleased that our collaboration with European Energy has been successful, and that we are now able to sell the project rights to a solar project with great development potential, said Reik Haahr Müller.