Business

Bolt, Orion-E to build solar plants in Brazil for about $630 mln

Energy infrastructure company Orion-E has reached an agreement with energy trader Bolt to build solar photovoltaic plants in Brazil with a combined capacity of 500 megawatts (MW), a company executive said on Tuesday.

The solar venture is expected to cost around 3.2 billion reais ($627.49 million) in investments and will be located in several Brazilian states, including Minas Gerais, Hugo Albuquerque, Orion-E’s chief communications officer, said.

Orion-E, a relatively new player and owned by private-equity backed Domus Holdings, already has a portfolio of 1.2 GW wind and solar projects of different sizes either completed or under development, said Albuquerque.

The projects will involve small-scale production and are expected to be ready operationally within the next 24 months.

Under the agreement, Orion-E will develop the projects, while Bolt will sell the energy to consumers.

($1 = 5.0997 reais)