Brazil power firm Brasol, backed by Siemens and BlackRock, to double investments this year

By Leticia Fucuchima

SAO PAULO, June 4 (Reuters) - Brazilian energy firm Brasol, which has Siemens SIEGn.DE and BlackRock BLK.N as its main shareholders, expects to more than double investments this year as it aims to expand core businesses and diversify its portfolio, its chief executive said.

Brasol, which operates small-sized solar power assets, expects to invest up to 2 billion reais ($354.6 million) this year, CEO Ty Eldridge told Reuters in an interview on Tuesday, up from about 900 million reais in 2024.

"We believe that we can keep doubling (investments on an annual basis) for a few more years," he said, noting that Brasol wants to further grow its solar power business while also expanding in customer services, batteries and power lines.

Eldridge said the move could include building private lines and substations to serve customers such as industrial plants, noting that he sees a "bottleneck" in the sector in Latin America's largest economy.

($1 = 5.6405 reais)