Enel S.p.A. through Enel Green Power Brasil Participações Ltda. ("EGPB"), has started construction of the 292MW Nova Olinda solar power plant in Brazil.
"The start of construction of Nova Olinda is another step forward for our Group in Brazil, confirming our leadership in the country's solar market," stated Carlo Zorzoli, Enel's Country Manager for Brazil. "The Brazilian government has developed an attractive and well-structured auction process, and our success in the country has been built upon our market-leading technology, our excellent financing, and a reputation for sustainable stakeholder engagement. We look forward to continuing to invest in order to grow strongly in the country's energy sector."
Nova Olinda, which is owned by four special purpose vehicles (SPV) held by EGPB, is located in Ribeira do Piauí in Brazil's north-eastern state of Piauí. Once completed, the new facility, which will cover an area of 690 hectares, will have a total installed capacity of 292MW and will be able to generate more than 600GWh per year, enough to meet the annual energy consumption needs of around 300,000 Brazilian households, while avoiding the emission of approximately 350,000 tonnes of CO2 into the atmosphere.
Enel will be investing approximately 300 million US dollars in the construction of Nova Olinda, as part of the investments foreseen in the company's current strategic plan. The project, which is financed through Enel Group's own resources, is expected to enter into service in the second half of 2017.
The solar plant will be supported by a 20-year power purchase agreement (PPA) that provides for the sale of the energy generated by the plant to the Brazilian Chamber of Commercialisation of Electric Energy (Câmara de Comercialização da Energia Elétrica, CCEE).