By Brazil Stock Guide – TTS Energia won an auction to build a 5-megawatt solar power plant in Jequitibá, in the Brazilian state of Minas Gerais, under a contract with Cemig SIM, a subsidiary of Centrais Elétricas de Minas Gerais SA (NYSE: CIG; B3: CMIG4).
The project involves an investment of about 8.7 million reais ($1.7 million) and will include the installation of 10,864 photovoltaic modules. Electricity generated by the facility will be supplied to customers through a subscription model, allowing consumers to access solar energy without installing equipment at their homes or businesses.
Construction is expected to be completed by October. The schedule includes construction, commissioning and energization of the plant before operations begin.
Once finished, the Jequitibá facility will become part of Cemig SIM’s portfolio as the company expands its solar generation capacity in Minas Gerais. The model allows end users to receive electricity generated from solar sources without making direct investments in infrastructure.
The project is being implemented at a time when costs associated with solar energy storage systems are declining globally. The reduction is largely driven by falling prices for lithium-ion batteries, widely used in energy storage technologies connected to solar power systems.