Faro Energy, a London headquartered B Corporation which invests in solar energy projects across Latin America, has launched its new solar power plant in Pirapora, Minas Gerais, southeast of Brazil. The new project is part of the company's plans to expand its operations throughout Brazil in 2019. Three more plants are expected to be launched within the next six months.

The R$ 12 million (US$ 3,5 million) project includes over 7,700 solar panels and produces 2.5 MWp power. The system covers 100,000 m2 of built surface, the equivalent to approximately 25 soccer fields. The plant will generate 5,500 MWh of clean energy each year, equivalent to that used by more than 3,700 households in the Minas Gerais State. The new system will avoid the emission of 2,500 tonnes of carbon dioxide each year.

This project took eight months to be completed and connected to the local energy distribution grid, coming into operation in late March 2019. The solar plant is part of a long-term system rental agreement between Faro Energy and a Brazilian retail group. The main purpose of the project is to provide energy to more than 300 stores in the state of Minas Gerais.

The upfront investment required to build solar power plant was made entirely by Faro Energy as a part of the agreement with the client, which benefits from all of energy produced by the system and injected into to the local distribution grid. The client can use the energy credits at any of their facilities within the covered area.

The Pirapora plant contract includes a long-term rent, with the whole operation and maintenance provided by Faro Energy and its partners.

“Clean and sustainable renewable energy, such as solar power, is not only beneficial from an environmental perspective – it provides a significant financial benefits for the client both in direct cost savings and in predictability of costs”, said Pedro Mateus, Faro Energy's Head of Brazil and CFO.

About Faro Energy

The Faro Energy Group, headquartered in London, invests in and develops renewable energy projects in Latin America. As of 2019, it is primarily focused on the rapidly growing distributed solar generation market in Brazil. Faro invests 100% of necessary capital to build, operate and maintain all solar power plants, establishing a long-term rental agreement with its client by. Faro is very proud to be a B Corp company. For further information: http://faroenergy.com