Brazil's Oi Kicks Off Renewable Energy Project to Cut Costs by $77 Million Per Year

Brazil’s largest fixed-line carrier Oi SA has kicked off a renewable energy project that will cut its operating costs by 400 million reais ($77.09 million) per year, the company said on Tuesday, Reuters reported. The initiative is part of Oi’s efforts to gain efficiency as it strives to revamp its business since filing for bankruptcy protection in June 2016. The renewable project, which involves 25 solar, biomass and hydroelectric mills totaling 123 megawatts in capacity, follows the so-called “distributed generation” model, in which Oi buys clean energy at lower prices. “The energy produced will be injected in the local power distribution network and discounted from Oi’s energy bill,” the company said in a statement. The first plant, a solar one based in the southeastern state of Minas Gerais, was inaugurated on Tuesday and the others are likely to start operations by year-end, Oi added. Read more