European Energy and Impact Fund Denmark have sold the Coremas solar farm in the Brazilian state of Paraíba to China Energy Overseas Investment Division in Brazil, known as CEEC Brazil – a subsidiary of Energy China. The solar farm consists of three units, Coremas I, II and III, with a total capacity of 93.41 MW. This is according to European Energy.
- We are pleased to have completed the transaction and that the Coremas plants can continue their contribution to Brazil's renewable energy mix under new ownership, says Thiago Arruda, Vice President and Country Manager for Brazil at European Energy.
Coremas I, II and III all became fully operational in 2021. The projects were financed through the Danish Climate Investment Fund, which Impact Fund Denmark established in 2014 in collaboration with Danish pension funds and private investors. The solar farm produces 172.35 GWh annually, equivalent to the electricity consumption of more than 70,000 Brazilian households. Along the way, European Energy and Impact Fund Denmark have created local jobs and supported social initiatives, including the distribution of COVID-19 relief packages in the area.
- The sale marks another successful exit in the Danish Climate Investment Fund. The project is a strong example of how we work closely with Danish companies to create global green impact. Coremas has created significant local benefits, and local communities will continue to benefit from the project. The investment shows how private capital can be mobilized to accelerate the green transition, says Reik Haahr Müller, CEO and Co-Head of Green Energy and Infrastructure at Impact Fund Denmark.
The sale is part of European Energy's strategy to develop renewable energy assets that attract long-term investors with a focus on the green transition. The company maintains a project pipeline of over 600 MW in Brazil and is also working on green fuel projects, including a planned e-methanol plant in collaboration with Petrobras.
- Brazil has great potential for solar energy, and this project shows how international cooperation can support both green energy production and local economic development, says Thiago Arruda.
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