Exus Brasil Investimentos, an asset manager of Exus Management Partners (Exus), has signed a deal to acquire 100% shares of the Riacho da Serra project in Piauí, Brazil, from Decal Renewables and Upside Value, subject to regulatory approvals and other conditions precedent.

The project comprises 20 solar projects with a total capacity of 1,058 MW. The development will represent an investment of more than BRL 3.5 billion ($650 million) in the country, which will create around 2,500 direct and indirect jobs, bring development to the communities involved, power 950,000 homes with clean energy while reducing approximately 1 million tonnes in CO2 emissions.

Finergreen acted as exclusive financial advisor to the sellers, while Tozzini Freire Advogados acted as legal counsel. Veirano Advogados acted as legal counsel to ExusInvestimentos. The project will be finalized in two phases, achieving its commercial operation by the second half of 2024.

Pedro Fragoso, Partner at Exus Brazil, said, “We are delighted to have secured a deal for a highly significant project in the context of Brazil’s energy mix. We are proud to not only be delivering green energy to almost one million homes but also injecting investment into the country and local communities, creating thousands of new jobs, and significantly reducing CO2 emissions. Brazil has an astonishing abundance of renewable energy resource and opportunity, and we look forward to playing our part in both growing the domestic sector, as well as helping to drive the global journey to net zero.”

Cypress Creek Renewables, a project developer and an independent power producer, recently acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026. The financial details of the deal were not disclosed.

According to Mercom’s 1H and Q2 2022 report, there were a total of 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.