10% of the country\u2019s capacity<\/a>, mostly because of big acquisitions in recent years by State Grid and China Three Gorges; not to mention the thousands of kilometers of transmission lines being built.<\/p>\nBut the new move by CGN solidified China\u2019s presence in Brazil\u2019s flourishing new energy market. According to a Di\u00e1logo Chino analysis of public records, the new investments mean Chinese companies now own 16% of Brazil\u2019s wind power capacity and 21% of its solar capacity, or 2,822 megawatts in total.<\/p>\n
Jos\u00e9 Mauro de Morais, a researcher specialising in wind power at Brazil\u2019s Institute for Applied Economics Research, says Chinese companies are attracted by a flourishing market tending towards growth.<\/p>\n
Between 2013 and 2019, renewable sources went from representing 78.7% of Brazil\u2019s energy matrix to 83.2%. The growth is due to the proliferation of wind and solar power. Wind went from representing 1.7% to 9% in six years, while solar went from zero to 1.7%. Meanwhile hydropower\u2019s share fell.<\/p>\n
\u201cThese power plants are very competitive. They can compete with thermal power plants, fossil fuel ones,\u201d he said. \u201cChina sees that. There is a lot of space for renewable energy in Brazil.\u201d<\/p>\n
Race for Chinese investments<\/h2>\n
In May, CGN bought two of the biggest solar power plants in Brazil, Nova Olinda and Lapa, from the Italian company Enel, which owns the largest solar portfolio in Brazil. Two months later, in July, it bought Brazil\u2019s Atlantic and its hefty wind power portfolio that includes some of the most important plants in the country.<\/p>\n