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Brazil

Brazil

Renova prepares to bid for 425MW in new wind projects

BRAZIL: Brazilian renewable energy company Renova Energia has registered 425MW for the upcoming power auction on 23 August, CEO Mathias Becker said during a teleconference with journalists.

Renova currently operates 294MW of wind power. It is building another 386MW of wind projects in the north-eastern state of Bahia, where the new projects it plans to offer at the auction would also be located.

Brazil's total installed capacity is 2.8GW. The total amount of wind projects registered for the 23 August auction is around 16GW.

Renova's first wind farm, the 294MW phase one of the 680MW Alto Sertão project, has been in operation for about a year. The second stage should start operations by the beginning of March in 2014.

Due to problems in transmission connections in the region, Renova requested that power regulator Aneel change the start date from September 2013 to March 2014 to avoid fines and regulatory punishments.

In response to this, Becker said: "We will lose some revenue because of this, but it will be small compared to whole 20-year power supply contract for the project."

Last week, Energetica de Minas Gerais, Brazil’s second-biggest power utility, agreed to invest BRL 1.41 billion ($621 million) in Renova. 

However, Renova recently announced a loss of BRL 5.8 million for the second quarter of 2013 compared with a loss of BRL 1.9 million a year ago.

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