The Brazilian government issued Decree No. 10,387 on June 5, 2020. In the next 10 years, Brazil will build more than 8GW of new solar system price for home photovoltaic projects, more than 25GW of new wind power plants and more than 3GW of small hydropower plants in the country.
The Brazilian Ministry of Mines and Energy (MME) stated that the decree was issued by Brazilian President Jair Bolsonaro and also created a new mechanism for issuing green bonds to provide a basis for related environmental or social benefits Funding for facilities projects provides new momentum for the implementation of new renewable energy projects.
MME said the government is expected to attract more than 170 billion reais (US$34.69 billion) in investment and more than 36GW of renewable energy in use by 2029, which will increase the country’s clean energy landscape and generate thousands of jobs post. In addition, the use of renewable energy will produce lower prices than fossil fuels, and household, industrial, and commercial electricity will be cheaper, helping to reduce consumers' electricity expenditure.
The Brazilian Photovoltaic Solar Energy Association (ABSOLAR) said that Brazil’s current installed solar capacity is 5.76GW, which includes 2.928GW large-scale power stations and 2.83GW rooftop and small-scale solar projects. The installed capacity of solar energy has exceeded 5.568GW of coal and nuclear power plant capacity. If, according to the new law approved by the government, the country adds another 8GW of installed photovoltaic capacity by 2029, that would make this South American country an attractive international destination for renewable energy investors.
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