Development banks seek to revive world’s biggest power project
The planned Grand Inga hydropower complex in the DRC has been stalled for decades.
Appian Capital Advisory, an investment adviser to private equity funds focused on mining and mining-related companies, is partnering up with Brazilian renewable energy provider Dectronic to develop a portfolio of 20 ready-to-build solar parks in the South American country.
The partners said the solar power plants, with a total capacity of 62.4 MWp, will initially be located in the mining-rich state of Minas Gerais, which has ideal solar irradiation conditions and fiscal incentives.
The joint venture, known as Appian Clean Energy Solutions, is also evaluating opportunities for additional solar farms at its individual mine sites across Brazil.
“This is a significant milestone for Appian’s sustainability ambitions,” Appian chief executive Michael Scherb said in the statement. “By partnering with an industry expert as Detronic, we have demonstrated that providing clean energy to our portfolio in Brazil is a priority, alongside delivering attractive, risk-adjusted returns to our investors in the process.”
Earlier this week Apian announced it had hired Hochschild Mining’s (LON: HOCM) chief executive, Ignacio Bustamante, to lead its base metals unit, beginning in August.
Bustamante has extensive experience in the Latin American market and he recently lead the acquisition of The Mara gold project, which will be Hochschild’s first operation in Brazil.
Appian currently has three copper, nickel and gold operations in Brazil — Atlantic Nickel, Graphoa and Mineração Vale Verde.
The International Energy Agency said on Thursday that the world will add more than 440 gigawatts of renewable electricity in 2023, which is more than the entire installed power capacity of Germany and Spain combined. That addition is 107 GW above that of 2022, and is driven mostly by solar projects.
Solar is also expected to account for two-thirds of additions next year, pushing renewables to yet another record.
