Vestas plans to invest BRL 130 million ($23 million) to expand its manufacturing capacity in Brazil.
The Danish turbine maker will overhaul its plant in Aquiraz in the north-eastern state of Ceará to produce its V163-4.5MW turbine.
The company has also signed an agreement with Spain’s Santander Bank, securing favourable terms to finance its Brazilian supply chain and wind power developments.
The announcement comes as China’s Goldwind launched its own turbine factory in Brazil seeking access to its rapidly growing wind power market.
“When a company the size of Vestas announces that it will invest BRL130 million in Brazil, it [demonstrates] certainty that we are strengthening the wind energy industry, that Brazil has once again gained the trust of international investors,” said mines and energy minister Alexandre Silveira.
Currently, Brazil has more than 32GW of installed wind power capacity, which represents 15% of the Brazilian electricity matrix. More than 90% of this fleet is located in the north-eastern states.
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