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Chinese consortium of CMEC and CDIL to Invest and Finance one of the Largest Solar Power Projects in Latin America

China Development Integration Limited ("CDIL") and China Machinery Engineering Corporation ("CMEC") are pleased to announce that they have entered into a development agreement in relation to the EPC+F (engineering, procurement, construction + financing) of a 1100MW photovoltaic project in Port Açu and additional locations in Brazil.

CDIL is based in Hong Kong since 1987 and is engaged in large-scale infrastructure, transportation, energy, trading, agriculture, communication, pharmaceutical, real estate, financial modeling, and finance operations in mainland China and internationally.

CMEC is one of the largest PRC's state-owned engineering contracting companies with over 30 years' experience in the engineering industry.

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The 1100MW photovoltaic project was originated by Mr. Eike Batista, a well-known Brazilian natural resources and energy entrepreneur and will be developed by CDIL's subsidiary China-Brazil Integration Group Limited via a Special Purpose Vehicle (SPV) in Brazil.

The project's total scale is 1100MW and the project is expected to be constructed in stages. The first phase of 300MW will cover an area of 6.6 million sq.m. whilst the second phase of 800MW will be located in 4 blocks with total area of about 11 million sq.m.

Total investment of the project is estimated to be around US$1 billion in the form of EPC+F and additional Equity funds mainly from China.

As the EPC partner for the project, CMEC will provide a complete range of professional solutions that include engineering design, procurement of local materials and services, project construction, recruitment of local trained personnel, and maintenance of safety standards and will engage with local Brazilian engineering firm to handle the local operation.

"CMEC is very pleased to have the opportunity to participate in this milestone clean energy project in Brazil," said Prof Liu Cansheng, the Senior Engineer and General Manager Counsellor of CMEC. "This is the first of a series of projects we are going to jointly execute with CDIL and Mr Batista."

Mr. Eike Fuhrken Batista is very excited about the project, "It will bring reliable solar energy to communities across the area and create hundreds of job opportunities to local people."

"We depend on strong EPC partners that are innovative and provide the highest levels of quality and safety, and we are honored to partner with CMEC because of their strong track record and expertise around the world," said Edmond Amir of CDIL.

Source: China Development Integration Limited
Date: Apr 28, 2021


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