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Chinese energy company sets up Brazilian subsidiary

China General Nuclear Power Corp. (CGN) has bought 100 percent of the Gamma clean energy project in northeastern Brazil from Italian energy company Enel, and has set up a Brazilian subsidiary called CGN Brazil Energy Holdings Ltd, Xinhua reports.

The Chinese government-run news agency says the result of the Gamma project will be solar and wind power farms in the states of Piauí and Bahia with a combined capacity of 540 megawatts.

The report quotes CGN Chairman He Yu as saying at the inauguration of CGN Brazil Energy that the purchase of the Gamma project is the first venture by his company into the Brazilian market for clean energy, which – according to the executive – has plenty of room for more electricity produced by wind and solar power farms.

CGN intends to support the development of the clean energy industry in South America, in part by setting up a training centre in Brazil, Xinhua says.