Tuesday, September 27, 2011

Chinese and Brazilians join power to develop renewables

Chinese and Brazilians join power to develop renewables

Recharge News
By Christina Sclaudone
27 September 2011

Brazilian utility Furnas, a subsidiary of state holding group
Eletrobras, has signed an accord with China Three Gorges Corporation to
develop renewable energy projects around the world.

New opportunities in Brazil will be coordinated by Furnas, with China
Three Gorges holding a minority stake in the venture. Meanwhile,
opportunities in China will be led by Three Gorges, with Furnas taking
the minority role.

"The intention is the make us the main arm of Eletrobras as it pursues
international opportunities to become one of the great world players in
this sector," says Flavio Decat, president of Furnas. "Furnas has vast
knowledge in electricity and is one of the most important actors in
clean energy in the country. China Three Gorges Corporation is dedicated
to large-scale hydropower project development and operation, as well as
that of wind and solar power. Certainly, this is a promising partnership."

Working groups will be established in each country to hash out the
details of implementing bilateral cooperation and elaborating action
plans to select joint investments, among other items.

The partnership is valid for six years.

Furnas has set investment goals of at least 150MW totalling R$500m each
year in renewable energies. It already owns 487.6MW of wind power
projects in the Northeast of Brazil.

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