GE Completes Domestic Compliance for Solar and Wind Inverters in Brazil
The renewable energy sector in Brazil has high expectations for growth in the coming years. By 2024, solar power will account for 4 percent of Brazil's energy matrix, and wind power will be the second-largest energy source by 2020, accounting for 12 percent of production. Following this trend, GE's Power Conversion business (NYSE: GE) has just completed domestic content compliance for its solar and wind inverters"”the LV5 and DTA CFI lines, respectively"”following the rules set out by Brazil's state-owned development bank, BNDES, regarding how much of the equipment is manufactured in Brazil. This means that Brazilian clients can get BNDES credit at more attractive interest rates.
"We're very proud to announce that two new GE technologies in renewable energy comply with domestic manufacturing requirements. This shows the company's commitment to providing high-tech solutions with excellent finance conditions for Brazilian clients," says Sérgio Zuquim, commercial director of GE's Power Conversion business for Latin America.
Following the GE Store concept"”offering a complete solution for clients through different businesses owned by the company"”compliance with BNDES requirements by wind frequency inverters, which are installed inside wind turbines, met a specific demand from GE's wind division, which took an active part in the entire process.
"Based on compliance for domestically produced content for this specific technology for GE Wind, we will be able to do the same for other equipment, according to market demand, as we are contributing to the consolidation of an emerging supply chain," explains Zuquim.
Solar frequency inverters are universal devices that can be sold to any clients who are building or planning to build solar plants, not only in Brazil but also in other parts of the world, serving the market's needs for at least 10 years.
"GE has been pioneering 1,500-volt LV5 solar inverters that bring high cost-effectiveness to utility solar farms. Since the launch of its 1,500-volt inverters in 2014, GE has delivered more than 1 gigaweatt and accumulated a further 4 gigawatts in backlog globally. Now that the inverters have obtained BNDES accreditation, it opens the avenue for us to continue to deliver value also to Brazilian customers and local solar farms," adds Zuquim.
GE has already complied similarly in its various divisions, such as Aviation, Transportation, Healthcare and Wind.
"The whole process was conducted using GE's expertise in the area. In addition to meeting clients' needs, we are contributing to the growth of the energy sector as a whole, as we are developing the local supply chain," concludes Zuquim.
