European Energy sells rights to project in Brazil

One of European Energy's projects in Brazil will now be divested. However, the company maintains that it is still interested in the South American nation.

Photo: Felipe Dana, AP

European Energy and the Danish Climate Investment Fund have signed a deal to sell the project rights for a solar farm in Brazil. European Energy and the fund own 80 percent of the 91 MW project. The buyer is Brazilian utility AES-Tietê.

The project is located in the state of Pernambuco and will produce more than 150 million KWh a year. This corresponds to the average electricity consumption of 55,000 Brazilians. AES-Tietê expects to connect the farm to the grid at the end of 2018.

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