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SAO PAULO, Aug 11 (Reuters) - Brazilian power utility Cemig is seeking partners to build a large solar power project in the state of Minas Gerais expected to cost around 4 billion reais ($1.15 billion), the company said on Tuesday.
Chief executive officer Mauro Borges Lemos said in a statement that the idea is to produce the photovoltaic panels locally, with the help of a company that has experience in producing panels and would be willing to transfer technology.
Lemos expects construction to take up to three years once the partners are selected and the investment approved.
Brazil is only now starting to expand solar power production, despite having one of the best solar radiation factors in the world. The country expects to reach 3.5 gigawatt of solar power capacity by 2023.
$1 = 3.47 reais Reporting by Marcelo Teixeira; Editing by Andrew Hay