Brazilian firm Renova Energia SA (BVMF:RNEW11) and US renewables major SunEdison Inc (NYSE:SUNE) intend to install a solar panel factory in Brazil's Minas Gerais state, reports local newspaper Hoje em Dia.

Brazil's solar sector will be the most competitive market in the next five years and the partnership with SunEdison is essential because the US major has the latest technology to manufacture solar panels, Luiz Fernando Rolla, chief institutional relations and communication officer at Renova's parent -- electric utility Cemig (BVMF:CMIG4), said as cited by the paper.

Earlier this month, the federal utility announced plans to invest BRL 4 billion (USD 1.1bn/EUR 1bn) in a new solar power plant in Minas Gerais.

In July, Renova announced it had sold clean power assets worth BRL 1.6 billion to TerraForm Global and SunEdison Inc (NYSE:SUNE).

(BRL 1 = USD 0.287/EUR 0.254)