TORONTO & ST JAMES, Barbados & RIO DE JANEIRO--(BUSINESS WIRE)--Solar Provider Group (SPG), a Toronto, Canada based global solar development company, has arranged a team to enter the Brazilian solar market with the goal to complete investments totaling USD 250 million over the next five years.
The solar market in Brazil is growing exponentially, with 3.3 GW deployed in 2019 alone, 44% growth since 2018, and an estimated 126 GW by 2040. Public opinion and support has been essential for this substantial growth. In a recent survey by Ibope Inteligencia, 93% of Brazilians want to produce their own renewable electricity at home. Additionally, in a 2015 survey done by DataSenado, 85% of Brazilians supported more public investments in renewable energies, such as solar and wind. The Government’s goal is to attract US $8 billion in private direct investments, generating more than 160,000 new jobs.
SPG believes that the Brazilian market has the right set of opportunities that fit perfectly into the company’s global strategy. With a track record that spans 11 countries and over a dozen US states, the company excels at executing in young, fast-growing solar markets.
To achieve its ambitions goals, SPG is looking for local development partners in Brazil, as well as corporate buyers of energy. The SPG team is led by Cesar Frota, a veteran executive in the renewable power industry. “I am excited at the opportunity the Brazilian market represents, for both Solar Provider Group, and the global solar industry. We look forward to building strong partnerships and providing clean, sustainable energy to my home country of Brazil,” said Frota.
With its financing, structuring, engineering and development expertise, SPG is looking to build relationships with Brazilian solar companies that excel at permitting and development on a local level. SPG has the experience in forming strong partnership and executing at scale, thus increasing deployment speed and adding value. Having applied this strategy successfully in various emerging economies across the globe, SPG’s approach benefits all parties involved, including helping local developers to scale faster and more profitably while minimizing project attrition.
SPG is also looking to build relationships with corporations with significant energy costs that are interested in buying solar power at a discount compared to current retail prices. SPG’s one-stop solution enables companies to switch a substantial portion of their energy consumption to cheaper and cleaner power in a simple, sustainable fashion.