Nebras Power Acquires 80 Percent Equity in Four Solar Projects in Brazil

Doha, April 24 (QNA) - Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Power Q.P.S.C. ("Nebras") has signed a binding agreement to acquire 80 percent equity stake in 4 greenfield solar PV projects in Brazil from Canadian Solar, a leading global solar PV developer and solar panels manufacturer. The acquisition provides Nebras with access to the attractive and fast-growing Brazil renewables power market and is in line with Nebras' stated objectives of establishing itself as a leading international power developer. The portfolio being transacted is the largest bifacial solar PV portfolio to commence construction in Latin America with a total capacity of 482.6 MW peak split as follows: Salgueiro Solar Holding SA: 114.3 MW peak, Francisco Sa Solar Holding SA: 114.3 MW peak, Jaiba Solar Holding SA: 101.6 MW peak and Lavras Solar Holding SA: 152.4 MW peak. Commenting on the agreement, Chairman of the Board of Nebras Fahad Hamad Al Mohannadi said: "The acquisition by our Dutch affiliate of a controlling stake in these 4 bifacial solar PV projects is a key milestone in the implementation of the vision we had for Nebras since its inception. Nebras is strengthening its international expansion with successful and reputable partners and makes a major foray into a key market, Brazil. This transaction not only confirms this vision but at the same time increases Nebras global capabilities while bringing further geographic and technology diversification to its portfolio." Chief Executive Officer of Nebras Khalid Mohammed Jolo further stated: "We are celebrating today the signing of an agreement which brings Nebras to the next phase of its global expansion. Nebras is committed to becoming a leading international power developer. However, Nebras does not plan to do it alone. We witness today the illustration of our approach to team up with global and local reputable players in order to deliver growth in a sustainable and balanced manner. We are very pleased with this acquisition which adds to our solar capabilities in the Netherlands and our leading position in solar PV in Jordan." Jolo said with the signing of the agreement today, Nebras Energy has investments in the field of solar energy in the Middle East, Europe and Latin America, noting that what distinguishes Brazil's investment is the technology used in the two-face panels, a new technology in the field of solar energy. Chief Executive Officer of Nebras Khalid Mohammed Jolo expected that the value of investment in these projects to reach more than 400 million dollars and with 80 percent share for Nebras. He added that the first of these projects will be launched in May and the latest in September, entering into commercial operation in January 2020 and the last project to be established will enter into production in January 2021. Jolo said these projects are expected to produce approximately 500 MW of four production units distributed in four different regions of Brazil. Commenting on the deal, Faisal Al Siddiqi, Chief Business Development Officer of Nebras said, "This transaction is a first step in a very dynamic region identified by Nebras as key for future growth which we intend to follow with more in the near future." Canadian Solar Senior Vice President and Chief Financial Officer Dr. Huifeng Chang said over the past 18 years, Canadian Solar has delivered more than 32 gigawatts of high-quality solar PV to customers in more than 150 countries Chang added that Canadian Solar is one of the world's largest solar companies to be funded by international banks and has been listed on NASDAQ since 2006. He valued the partnership between Nebras and expressed his hope that it benefits both sides and opens horizons for more partnerships in the future. Nebras headquartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company (QEWC) 60 percent and Qatar Holding (QH) 40 percent. Nebras is a strategic investor in the power and water sectors with a global vision. Its target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield development vs M and A. Nebras is committed to providing safe, sustainable, efficient and environmentally sound energy solutions for future generations. Nebras Power Investment Management B.V. (NPIM) is a wholly owned subsidiary of Nebras Power Q.P.S.C., incorporated in the Netherlands and is operating since 2016. NPIM is the international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own, develop and invest, in greenfield developments and brownfield projects, in the sectors of power and water, in the Netherlands and internationally. Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. (QNA)