Appian Capital Advisory has entered into a partnership with Brazilian renewable energy provider Dectronic to develop a portfolio of 20 ready-to-build solar parks.
To be noted, Appian Capital is an investment adviser to private equity funds.
According to the partners, the solar power plants will have a total capacity of 62.4 MWp. The joint venture has been named Appian Clean Energy Solutions.
The plants will initially be located in the mining-rich state of Minas Gerais. Minas Gerais is known to have excessive solar irradiation conditions in the South American country.
In addition, the joint venture will also explore opportunities for additional solar farms at its individual mine sites across Brazil.
Appian chief executive Michael Scherb was quoted in the statement, “This is a significant milestone for Appian’s sustainability ambitions. By partnering with an industry expert as Detronic, we have demonstrated that providing clean energy to our portfolio in Brazil is a priority, alongside delivering attractive, risk-adjusted returns to our investors in the process.”
The latest development comes at a time when Brazil has been pushing for renewable energy, driven mostly by solar projects.
As per global reports, the world will add more than 440 gigawatts of renewable electricity in 2023.