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Faro Energy Group, the Brazilian distributed solar power unit of US-based clean energy investment firm Modern Energy Group, concluded a new investment round of 160 million reais ($ 30.2 million) to expand its portfolio of solar projects in Brazil. The funds were raised with a diverse group of American institutional investors, including nonprofits and pension funds. With this new round of fundraising, Modern Energy and Faro Energy reach a total of 320 million reais (60.5 million dollars).
Faro has been operating in Brazil since 2016, and was acquired by Modern Energy in early 2020. Faro Energy will continue to focus on the development, construction and operation of photovoltaic plants in Brazil, and with the new resources that it plans to increase its portfolio. In the last 18 months, Faro Energy has connected more than 30 MW, has issued the first sustainable title in Brazil with several local investors and has increased its client base to reach the goal of 150 MW of projects in operation by 2021.
Brazils distributed energy sector is becoming one of the largest in the world, and already has 3.1 GW of photovoltaic installed power in this segment. |
