China's state-owned investment company CITIC Group Corp is planning to acquire and develop a solar project with a capacity exceeding 600 MWp in the northeastern Brazilian state of Rio Grande do Norte.

The local government announced on Friday the renewable energy scheme will require an investment of BRL 2.5 billion (USD 519.32m/EUR 473.57m).

Construction is scheduled to commence in November of this year, generating between 400 to 500 jobs in the region. This solar plant marks the first investment for CITIC in the Brazilian northeast.

In addition to the development of the solar power park, the Chinese company showed interest in projects in the area of social housing with memorandums of understanding (MoUs) already signed by the federal government linked to "Minha Casa, Minha Vida" housing programme as well as projects for water supply and sewage treatment technologies.