DOHA: Nebras Power Investment Management has acquired 80 percent stake in a portfolio of four major solar projects in Brazil, a notice issued to Qatar Stock Exchange noted.
Nebras Power Investment Management B.V is, a Dutch affiliate of Nebras Power.
The collection of four solar power plants have total installed capacity of 482.6 MW and consist of Salgueiro Solar Holding SA, Francisco Sa Solar Holding SA, Jaiba Solar Holding SA and Lavras Solar Holding SA. All facilities have power capacities of 100 to 152 MWp.
For Nebras Power this latest acquisition officially cements its expansion into Latin America. While currently, the global power development and investment company has significant assets in Europe, Asia and in the Middle East and North African (MENA) region.
“We are truly pleased with this landmark acquisition. We have always had a keen interest in the prosperous energy sector in Latin America. This significant investment in Brazil will serve as the flagship venture for our advancement into North and South America,” said Eng. Fahad Bin Hamad Al Mohannadi Chairman of Nebras Power board of directors.
As part of the agreement, Canadian Solar is expected to retain a 20% interest in the projects and will partner with Nebras on the management of the engineering, procurement and construction (EPC) of the solar projects.
The construction of Salgueiro Project started earlier this year and is expected to be completed next year. The commercial operation date of the other three projects is scheduled for 2021. Once all facilities are fully operational, they will have a total power capacity of more than 482 MWp. Furthermore, the solar plants will be one of the largest solar portfolio in Latin America.
Speaking about the completion of the acquisition of the Brazilian solar projects, Eng. Khalid Mohd. Jolo, CEO of Nebras Power said: “Nebras Power continues to pioneer future energy. Our Portfolio in Brazil demonstrates our commitment to acquire and invest in renewable power projects that provide long-term energy solutions. At the same time, these investments bolster our reach in global energy markets and contribute to our success to become a leading international power developer.”
Nebras Power headquartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company (60%) and Qatar Holding (40%).
Nebras is a strategic investor in the power and water sectors with a global vision. Its target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield development vs M&A. Nebras is committed to providing safe, sustainable, efficient and environmentally sound energy solutions for future generation.