Gas Natural Fenosa, through its subsidiary GPG, acquires its first power generation project in Brazil with 68 MWp

GAS NATURAL FENOSA, through its subsidiary Global Power Generation (GPG), will acquire a majority stake (85%) of two ready to build solar projects in Brazil to Grupo Gransolar.

The multinational utility will invest approximately €85 million (US$ 90 million) to develop its first power generation project in the country. The infrastructure’s production is expected to be 154 GWh per year. The two projects, called Sobral I and Serta I, which jointly have 68MWp (60 MW), are located in the region of Piauí, in the north of Brazil, and they are expected to start operations in second half 2017.

Both projects to be developed by GPG have a power purchase agreement for 20 years at a price of approximately 95 €/MWh.

GPG’s strategic plan included the construction of 100 MW globally by 2018, and its strategic vision was to build 2.700 MW by 2020, mainly from Renewable sources. With this agreement and the construction of 91 MW in Australia announced last August 2016, GPG has already exceeded its strategic objectives for 2018 as stated in GAS NATURAL FENOSA’s Strategic Plan.