Shell Will Invest USD 1.5 Billion to Develop Five PV Projects in Southeastern Brazil – EQ Mag Pro
Shell Energy Brasil, a subsidiary of oil and gas giant Shell, signed a protocol of intent with the government of Minas Gerais in early June for the development of five PV projects. Minas Gerais is a state in Brazil. This news was first reported by local news media and other renewable energy news websites.
The five PV projects will be respectively located in the following cities: Corinto, Arinos, Brasilândia de Minas, Janaúba and Várzea da Palma. These locations across the north, northwest, and central parts of the state. Together, the five projects will have a generation capacity of 2.1GW, which is sufficient to meet the power demand of 2 million inhabitants. The projects are scheduled to enter the construction phase in January 2023. It is expected to enter operation two years later in January 2025. The total investment in the five projects will come to around BRL 7 billion or USD 1.5 billion.
According to the reporting by Brazilian news outlet Portal Solar, Shell announced in 2021 that it will be investing BRL 3 billion mainly on PV projects across Brazil between then to 2025. Also, this May, Shell signed an MoU with the authority of Superporto do Açu for the joint development of a green hydrogen project. Superporto do Açu is a major industrial port in the Brazilian state of Rio de Janeiro.
Moreover, Shell will be forming a joint venture with Gerdau to develop PV assets in Minas Gerais. Gerdau is a major Brazilian player in the mining and metal sector. To foster the growth and competitiveness of the regional renewable energy market, the government of Minas Gerais currently exempts taxes on imports related to equipment and components used in PV power plants and wind farms.
Source: energytrend
