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Aiming to Harness the Strong Potential of the National Territory Regarding the Production of This Resource, the Joint Venture Lightsource BP Is Now Building Its First Solar Power Plant in Brazil and Seeks to Invest in New Projects Focused on This Segment.
The joint venture focused on renewable energy production, Lightsource BP, is on Thursday (30/06), focusing on the solar power production market in Brazil, aiming to take advantage of the country’s potential. Thus, the company is already building its first generation plant in the state of Ceará and is looking for financial applications in new projects focused on this segment, as a way to expand its presence in the American market.
Brazilian Solar Energy Market Grows and Lightsource BP Is Seeking to Invest in Production Projects, with a Plant Already Underway in Ceará
The British oil company BP is now seeking to diversify its focus in the international market and, through its renewable-focused joint venture, Lightsource BP, aims to concentrate on the solar energy segment in the national territory. Thus, the company is now investing in the acquisition of new projects for production in Brazil, as the country has strong potential to harness the climate for energy generation.
Currently, the company has a portfolio of 4 GW peak of projects in development in the Brazilian market, but still intends to further expand its presence in the national segment with new ventures.
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This is because the oil company BP has set a goal for 2030 to increase renewable generation capacity 20 times, to 50 GW, compared to 2019. Thus, focusing on the Brazilian production market could accelerate the British company’s project, as well as promote even greater economic growth in the coming years.
Among the solar energy projects that the company is currently developing in the country, its main one is the new production plant, named Milagres, which will have a total production potential of 210 MWp and is being built in the Abaiara region, in the state of Ceará.
This is currently the company’s largest project in the country and is expected to be operational at the beginning of 2024. Thus, the company will leverage the state of Ceará not only to expand energy production but also to ensure the hiring of qualified collaborators for the renewable sector.
Joint Venture Seeks to Diversify Portfolio Geographically and Leverage Solar Energy Production Potential with Ongoing Plant and New Projects Ahead
According to the joint venture Lightsource BP, the company’s main objective in the Brazilian market is, primarily, to leverage the production potential of the territory, with the development of the solar power plant in Ceará.
But beyond that, the British company also aims to expand its portfolio geographically and wants to reach new markets across several countries, thus ensuring a larger presence in the renewable segment.
In this way, the country manager of Lightsource BP in Brazil, Ricardo Barros, commented on the company’s main objectives with the projects in Brazil and highlighted that “Our first objective is portfolio acceleration. Our projects are good, we are excited about them, but they are in a less advanced development phase. We need more advanced projects to grow faster, but without being reckless, of course. There is room for many more people to enter [the Brazilian market].”
The company currently operates in 19 countries, including the USA, Australia, Spain, and the United Kingdom, and has a global goal of reaching 25 GW of developed solar projects by 2025. Thus, competitiveness and Brazilian potential in this segment will be essential for meeting the deadlines as planned.
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