Brazil solar sector braces for more foreign investments

03/08/15 | São Paulo

SeeNews Renewables

Solar power system. Author: Mountain/ Ash. License: Creative Commons, Attribution 2.0 Generic.
 Brazil's export promotion agency Apex-Brasil teamed up with solar energy association Absolar in an effort to attract more foreign investors to the country's solar sector.
Under the technical cooperation agreement, officially signed on Tuesday, both institutions will work together to promote the Brazilian solar industry to major international investors in the United States, Europe and Asia.
Foreigner direct investments are critical not only to the development of the local solar market but to diversify the country's energy sources as well, Apex-Brasil president, David Barioni Neto said in a media release.
Absolar and Apex-Brasil have previously worked together but on an ad-hoc basis events to invite potential investors to talk to Brazilian developers. The two will now increase

efforts to generate more strategic information about the sector and the country to provide to potential investors.
Apex-Brasil said it is currently meeting several foreign companies interested in investing in Brazil. As part of its efforts, earlier this year, Chinese battery maker BYD Company Ltd (HKG:1211) announced investments of BRL 150 million (USD 44.6m/EUR 40.8m) to install an electric vehicles factory and a solar panel plant in Sao Paulo state.
Brazil has announced two more solar power auctions for this year. The first one will open at the end of August.
(BRL 1 = USD 0.298/EUR 0.272)