BROOKLYN, N.Y., June 15, 2021 /PRNewswire/ -- Energea Global, a U.S.-based renewable project developer and retail investment platform, has announced a $63 million commitment from VH Global Energy Opportunities PLC ("GSEO") to co-invest in distributed solar projects across Brazil.
GSEO, a $340 millionLondon-listed investment trust which launched in February 2021, will deploy capital into select remote distributed power generation projects in Brazil. The projects will aim to expand community access to cleaner and cheaper forms of renewable energy.
The joint initiative has identified 18 ready-to-build projects across 10 Brazilian states. Each project involves building a solar power plant to supply energy to local commercial and industrial customers as well as large global corporations with operations in Brazil. It has a dual effect of improving secure, localised access to clean energy and helping to lower energy prices.
Mike Silvestrini, Energea's managing partner, said: "Brazil is one of the most exciting markets in the world when it comes to renewable power and we are proud to have the backing of the expert team at GSEO to further develop distributed power generation across the country. Right now, Brazil has the perfect combination of supportive policy, strong energy economics, foreign exchange, and customer adoption, marking it a prime opportunity for investors looking for attractive returns on investment while helping to slow down climate change."
Eduardo Monteiro, co-chief investment officer of Victory Hill Capital Advisors LLP ("Victory Hill"), investment advisor to GSEO, added: "As promised to investors, this funding commitment marks the beginning of a very exciting journey for the company in Brazil, where we can support real and lasting improvements in the country's energy infrastructure. Brazil is experiencing rapid growth in its energy sector and there is significant potential for investors with the right expertise to help contribute to the country's growth with cleaner and reliable sources of power."
Notes to editors *The ten states targeted by GSEO for distributed power generation projects: Sao Paulo; Rio de Janeiro; Minas Gerais; Para, Piaui; Rio Grande do Norte; Mato Grosso do Sul; Bahia; Sergipe; and Paraiba.
Distributed power generation: Distributed generation refers to the use of technology such as solar panels to generate electricity close to where it will be used. It can serve either a single home or business, or form part of a 'microgrid' tied into a larger electricity network which can be used to serve multiple homes and businesses. Distributed generation can help support delivery of clean, reliable power to additional customers and reduce electricity losses along transmission and distribution lines and help lower energy prices.
About Energea Energea is a renewable energy portfolio manager that connects investors to premium projects in select global markets. The company manages capital from individual, corporate and institutional investors. Energea currently has over 70 megawatts of projects under construction across three continents. Over the last 15 years, Energea's experienced team has managed more than a billion dollars of solar energy projects.
The company has developed an online investment platform that makes investing in renewable energy accessible to any U.S. investor, unlocking a crucial source of capital to combat climate change.
About Victory Hill Capital Group LLP Victory Hill Capital Advisers LLP is the investment-focused subsidiary of Victory Hill Capital Group LLP
Victory Hill is based in London and was founded in May 2020 by an experienced team of energy financiers that spun-out of a large established global project finance banking group. The team have an established track record built over five years while working together in their previous roles and participating in more than $37.1 billion in sustainable energy project transaction values, generating more than 24.2 per cent equity returns. In addition, the team has also participated in more than $200 billion in transaction values across 91 conventional and renewable energy-related transactions in more than 30 jurisdictions worldwide, throughout their individual careers. The average experience per individual is 21 years of relevant energy finance experience. Victory Hill Capital Advisors LLP is the Investment entity of the Victory Hill group.
VHCA is a signatory of the United Nations Principles for Responsible Investing (UN PRI), the United Nations Global Compact (UN GC) and is a formal supporter of the Financial Stability Board's Task-Force on Climate-related Disclosures (TFCD).