Exus Management Partners is buying a 1GW solar project in Brazil from Decal Renewables and Upside Value.

Exus Brasil Investimentos, a subsidiary of Exus, has agreed to buy the shares of Riacho da Serra Energia, and the project-related assets, from Decal and Upside Value. The project consists of 20 solar parks situated in Piauí.

Exus said the development will represent an investment of more than BRL3.5bn (€669m) in the country and will power 950,000 homes with clean energy.

Pedro Fragoso, partner at Exus Brazil, said: “We are delighted to have secured a deal for a highly significant project in the context of Brazil’s energy mix. We are proud to not only be delivering green energy to almost one million homes, but also injecting investment into the country and local communities, creating thousands of new jobs, and significantly reducing CO₂ emissions.

“Brazil has an astonishing abundance of renewable energy resource and opportunity, and we look forward to playing our part in both growing the domestic sector, as well as helping to drive the global journey to net zero.”

Matteo Fedeli, CEO at Decal Renewables, said: “It has been a pleasure working with Exus’s team so far and we look forward to completing the transaction in the following months.

“We are proud to be contributing towards the energy transition in the country and globally, despite the very challenging conditions affecting the industry.”

Enrique Sira, CEO at Upside Value, said: “Like the rest of the projects in Upside’s portfolio, Riacho da Serra Fase 1 has been conceived to bring a large positive impact in terms of clean-energy generation, CO₂ mitigation and contribution to economic development and value creation.

“We will continue to develop high-quality projects and partner with suitable investors and generators to play our part in the development of renewables infrastructure and in the transformation of the power generation industry in Brazil and the countries where we operate.”

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