Neoenergia SA, a prominent Brazilian utility company, has successfully concluded an agreement with local energy firm Comerc Energia to establish a joint venture (JV) focused on the development and operation of distributed generation (DG) solar projects in Brazil. The JV, equally owned by Neoenergia and Comerc Energia through their affiliates Geracao CIII SA and Mori 3 Participacoes Ltda, marks a strategic partnership between the two entities.
The total investment directed towards the joint venture is estimated to reach up to BRL 500 million (USD 102 million/EUR 95.4 million), with approximately half of this amount, around BRL 250 million, expected to be contributed by Neoenergia.
The joint venture will concentrate on the deployment of photovoltaic (PV) systems in several Brazilian states, including Bahia, Sao Paulo, Rio Grande do Norte, Pernambuco, and the country's Federal District. This collaborative effort aligns with the companies' shared commitment to advancing renewable energy initiatives and contributing to the expansion of solar projects in diverse regions.
As the demand for distributed generation solar projects continues to grow, Neoenergia and Comerc Energia aim to leverage their combined expertise and resources to make a meaningful impact in the evolving energy landscape of Brazil. The strategic focus on solar projects underscores the companies' alignment with the country's broader goals of increasing renewable energy capacity and fostering sustainability.