Faro Energy, an English group which invests in solar energy projects across Latin America, has launched its new solar power plant in Brazil. It is located in Afogados da Ingazeira, a countryside region of Pernambuco, and is the third power plant in operation by Faro Energy in Brazil, just a few weeks after the inauguration of another power plant in Pirapora, Minas Gerais.
The BRL 2.5 million (US$ 750k) project includes over 1.440 solar panels and produces 475 kWp power. The system covers 15,000 m² of built surface and will generate 1.027 MWh of clean energy each year, equivalent to that used by more than 700 households in Pernambuco State. The new system will avoid the emission of 452 tonnes of carbon dioxide each year.
The project started operation in April 2019. The solar plant is part of a long-term system rental agreement between Faro Energy and a local retail group. The main purpose of the project is to provide energy to more than 14 stores in the state of Pernambuco.
The upfront investment required to build solar power plant was made entirely by Faro Energy as a part of the agreement with the client, which benefits from all of energy produced by the system and injected into to the local distribution grid. The client can use the energy credits at any of their facilities within the covered area.
The long-term rental agreement includes all the operation and maintenance for the plant to be provided by Faro Energy and its partners. “The potential for solar power in the Northeast region of Brazil is huge”, said Pedro Mateus, Faro Energy’s Head of Brazil and CFO. “Solar irradiation is naturally very high in the region, creating attractive investment opportunities.” added Mateus.
