Chinese and Brazilians firms join hands in developing renewable energy

Brazilian utility Furnas has signed an accord with China Three Gorges Corporation to develop renewable energy projects around the world.

New opportunities in Brazil will be coordinated by Furnas, a subsidiary of state holding group Eletrobras, with China
Three Gorges holding a minority stake in the venture. On the other hand, opportunities in China will be led by Three Gorges, with Furnas taking the minority role.

"The intention is the make us the main arm of Eletrobras as it pursues international opportunities to become one of the great world players in this sector," said Flavio Decat, president of Furnas. "Furnas has vast knowledge in electricity and is one of the most important actors in clean energy in the country. China Three Gorges Corporation is dedicated to large-scale hydropower project development and operation, as well as that of wind and solar power. Certainly, this is a promising partnership," he added.

The partnership is valid for six years, according to reports by Recharge News.

Working groups will be established in each country to hash out the details of implementing bilateral cooperation and elaborating action plans to select joint investments, among other items.