China General Nuclear Power Cor. (CGN), China's largest nuclear power firm, has forayed into Brazil's new energy market, following the signing of a contract with Enel of Italy for the takeover of the Gamma new energy project in St. Paolo on June 24, alongside the inauguration of CGN Energy Holding Corp. Brazil.

He Yu, CGN chairman, pointed out that the deal, the company's first investment in Brazil, represents a major step in China's "Belt and Road" initiative into Brazil.

Situated in northeastern Brazil, the Gamma new energy project was inaugurated in the second half of 2017, with a total capacity of 540,000 kilowatts, including two PV power stations totaling 450,000 kilowatts in capacity and a 90,000-kilowatt wind farm. CGN is scheduled to complete the takeover of another new-energy project in Brazil soon, which will make it the fifth largest new-energy provider in the nation.

Taking advantage of its abundant renewable-energy resources in its expansive territory, Brazil boasts an aggressive new-energy program mainly for PV power and wind power. According to the nation's 10-year development plan for renewable energy, unveiled in 2016, it targets raising wind-power and PV power capacities to 26 million kilowatts and 13 million kilowatts, respectively, by 2026, up from 14.6 million kilowatts and 13 million kilowatts at the end of 2018. With a mature power market, the nation's grids will have no problem incorporating the renewable energy power.

He Yu reported that CGN Energy Holding Corp. Brazil will base in Brazil, gradually tapping renewable-energy markets in other South American countries, including Mexico, Argentine, and Chile.

Source: China Power News Network