Brazilian power utility Cemig CMIG4.SA has secured a contract with a company with three photovoltaic plants.
Cemig announced on Wednesday that it has already signed an agreement for the same.
It informed that its partner is a special purpose company, which has three solar plants worth around $19.30 million. The amount refers to nearly 100 million reais.
The plants are located in Minas Gerais state.
It has been reported that the solar PV plants will start operation between July and February 2023. The plants are expected to serve around 2,500 commercial and industrial customers.
According to the company, the financial transaction will be completed once the solar plants come into operation.
CEMIG is a Brazilian power company headquartered in Belo Horizonte capital of the state of Minas Gerais. The company is one of the largest power generators and distributors in Brazil being responsible for 12% of the national distribution.The company is the fourth largest electricity company in Brazil by revenue after Eletrobras, Energisa and CPFL Energia.CEMIG is present in 22 Brazilian States and in Chile. With around 50 power plants in operation.