Renova secures financing to build wind-solar hybrid facility in Brazil

Renewable energy developer Renova Energia of Brazil is in the process of creating a facility that generates power from both wind and solar, reNews reported.

Renewable energy developer Renova Energia of Brazil is in the process of creating a facility that generates power from both wind and solar, reNews reported. Renova is planning on building the plant in the northern Brazilian state of Bahia. The plant could have 20,000 solar photovoltaic modules with a projected power generation capacity of 4.8 megawatts. The facility is also expected to generate 21.7 MW of wind power. Renova will receive $49 million in project financing from Brazil's federal innovation financing company Finep.

In the fourth quarter of 2013, Renova said net revenues surged 44 percent to reach $26.42 million year-over-year, saying the company earned additional revenue gains as well as ower administrative costs, according to a release. 

Renova Chief Financial Officer Pedro Pilleggi said the wind-solar hybrid facility is expected to be completed by the end of 2015, Recharge News reported. If Renova is successful in developing the hybrid wind-solar facility, it could be the first of its kind in the nation to be featured in a federal auction for renewables.

Special purpose company Itaparica Centrais Elétricas is in charge of building the plant.

More information on the energy market in Brazil can be found at PennEnergy Reseach

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