Brazil, January 28, 2021 – On January 28, CPIH completed equity transaction on the GNA project, thereby obtaining 33% equity of the Brazil-based LNG-to-power complex. This is the first major energy transaction in Brazil since the beginning of 2021, and it marks another breakthrough of SPIC’s business development in Latin America after the successful bidding of the 1,710 MW São Simão Hydropower Plant in 2018 and the acquisition of Mexico-based Zuma Energía in 2020.
The GNA project, with a planned installed capacity of 6.4 GW, is located at Port of Açu, Rio de Jenairo, Brazil. It consists of LNG-to-power thermoelectric plants and supporting facilities, which will be completed in 4 phases. GNA I and GNA II have a combined capacity of 3 GW and will form the largest LNG-to-power complex in Latin America once completed. GNA III and GNA IV have a combined planned capacity of 3.4 GW, and are currently in preparation for bidding for PPAs with the Brazilian Electricity Regulatory Agency (Aneel). SPIC will work with Prumo Logistics, Siemens Energy, BP and other stakeholders on subsequent development, construction, operation and management of the project.
In November 2019, under the witness of President Xi Jinping and President Bolsonaro, the signing of the Memorandum of Understanding on the project by SPIC, Siemens Energy and EIG was announced during the BRICS Summit. The GNA project has become an exemplar of how big companies from China, UK, Germany and the US can work with each other in major energy projects in Latin America, and in other Belt and Road countries and regions.