Source: Pacific Hydro Media Release (15 February 2007)Leading Australian renewable energy company Pacific Hydro announced its entry into the Brazilian energy market following the successful acquisition of German wind subsidiary, SES Ltda. The company will now be known as Pacific Hydro Brazil.
Pacific Hydro CEO, Rob Grant said he was excited about Pacific Hydro’s future in Brazil. “Having ratified Kyoto and with a strong policy framework to support the implementation of renewable energy, the Brazilian market provides enormous opportunities for Pacific Hydro to expand its Latin American operations and diversify its portfolio of projects.”
Pacific Hydro has 1800MW of clean energy assets around the world at various stages of development. While growth in Australia has been held back due to Australia not signing the Kyoto Protocol, the company continues to look internationally for investment opportunities, namely in countries that are enacting positive policies to reduce greenhouse gas emissions and address global warming.
“Pacific Hydro has an established base in Chile with the successful operation of hydro assets and substantial activity in new run-of-river hydro developments”, explained Mr Grant. “Our expansion into Brazil is a logical next step for Pacific Hydro and is another demonstration of the value that renewable energy brings in supporting growing economies in a sustainable manner.”
Pacific Hydro’s acquisition of SES Ltda follows the announcement by the Brazilian Government to introduce a policy framework (known as “PROINFA” to increase renewable energy in the country to 10% by 2020).
“While the Brazilian market is currently hydro-dominated, it has excellent wind resources like Australia”, said Mr Grant. “This acquisition will see us investing more than half a billion Australian dollars in the coming years to develop over 300MW of clean energy assets in Brazil. This will not only assist Brazil in meeting its growing energy demand, but also its target of 10% renewable energy by 2020.”
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