Engie Brasil acquires solar farms from GIP in $646 million deal
Feb 24,2024 | DAXTROMNSOLAR
Engie Brasil, a subsidiary of French electric utility company Engie, has recently announced its acquisition of a portfolio of solar farms in Brazil for $646 million. The deal, expected to be completed by early 2023, involves the purchase of seven solar projects with a combined capacity of 508 MW from Global Infrastructure Partners (GIP). This acquisition is in line with Engie's strategy to expand its renewable energy portfolio and increase its presence in the Brazilian solar market.
The purchased solar farms are located in the northeastern state of Bahia, which boasts excellent sunshine and suitable conditions for solar energy generation. With the addition of these projects, Engie will substantially boost its clean energy production in Brazil, contributing to the country's transition towards a more sustainable and low-carbon energy system.
Brazil has experienced significant growth in its solar energy sector in recent years, driven by supportive government policies and the falling cost of solar photovoltaic technology. Engie's investment in these solar farms aligns with the country's increasing demand for renewable energy sources and its commitment to combat climate change.
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