Chinese companies to increase investment in Brazil's clean energy industry
2023/6/13
With the current mega-project bids being planned by the Brazilian government, the expansion of renewable energy, and the premise that the demand for electrification and green hydrogen in Brazilian society is rising day by day, major Chinese companies have announced a series of memoranda of understanding and their new partners in Brazil. If previously the main strategy of these companies was M&A or acquisitions, the possibility of these companies investing in new projects in Brazil (such as GreenField) is now much more likely.
Recently, Brazilian Vice President Geraldo Alckmin, together with Brazilian Minister of Mines and Energy Alexandre Silveira, met with China Energy Construction International Chairman Lu Zexiang and announced the company's plans to invest in Brazil's power transmission system and wind industry, respectively. The total investment is about 50 billion reais ($10 billion).
Meanwhile, CEC and Pontoon Clean Tech have agreed to build large solar power plants in the cities of Mauriti and Milagres, Ceará, with a total investment of approximately R$1.8 billion (US$360 million).
Spic Brasil, the Brazilian subsidiary of China State Power Investment, also said it will invest an additional $2 billion in Brazil to increase the company's scale through mergers and acquisitions, and expects the company's two solar projects in Brazil to increase their total power generation capacity from the current 2.5 GW to 5 GW by 2025.
During his visit to China, Brazilian President Lula held several meetings with business representatives from China's major clean energy and transmission grid industries, as well as from the new energy transportation industry, among them Zhang Zhigang, general manager of the State Grid of China. The company will participate in the auction this year for the expansion of Brazil's transmission grid with a total investment of about $50 billion.
During his stay in China, Lula also met with BYD founder Wang Chuanfu, who has pledged to invest a cumulative R$10 billion in Brazil by 2025 in the production and assembly of electric vehicles, as well as in solar energy.
Huawei equipment is currently banned in the United States, but this has not affected the company's position in Brazil in any way. In May this year, Huawei signed a contract with Rio Alto to use artificial intelligence provided by Huawei in its solar power plants. Atilio Rulli, Huawei's vice president of public relations for Latin America and the Caribbean, said that the business environment in Brazil is now gradually becoming favorable, in addition to the geopolitical aspects.
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