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CGN expands clean energy business into South America

 

CGN signed an agreement with Italian energy giant Enel for a 100 percent equity purchase of its Gamma new energy project in Brazil on June 24 to enter the South American clean energy market. A plaque was unveiled for CGN Brazil Energy Holding Co Ltd.

 

 

2019 marks the 45th anniversary of the establishment of diplomatic ties between China and Brazil, and the first year of BRICS’s second golden decade. The launch of CGN's first project in Brazil represents another solid step for the Belt & Road Initiative in Brazil, said He Yu, chairman of CGN.

 

The Gamma project, which was put into operation in the second half of 2017, is located in northeast Brazil. It encompasses two in-service solar power projects with a combined installed capacity of 450 MW and a 90 MW in-service wind power project.

 

Another CGN-acquired Brazilian clean energy project will complete equity transfer soon, making the company the fifth largest clear energy power generator in Brazil.

 

Brazil has a vast territory and abundant renewable energy resources. Currently, the country focuses on hydropower, which is limited in its further development. It will shift its focus to wind power and solar energy in the future.

 

According to the 10-year plan released by Brazil in 2016, the installed capacity of wind power and solar power will reach 26 GW and 13 GW respectively by 2026. As of the end of 2018, the installed capacity of wind power was 14.6 GW and solar power was 2.06 GW. Brazil's electricity market is mature, and its national power grid has no curtailment on wind and solar power.

 

China and Brazil are the largest developing countries in the eastern and western hemispheresrespectively. Brazil is China's largest trading partner in South America. The Chinese government regards Brazil as an important fulcrum of the Maritime Silk Road stretching to South America. Investment and cooperation have become new driving forces for the development of bilateral relations.

 
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