Danish wind turbine producer Vestas announced Thursday that it will invest 32 million euros (around 43.8 million U.S. dollars) in its Brazilian facilities in order to meet the country's rules for local production.
The massive investment will bring the company's annual energy production in the country to between 400 and 800 megawatts and will allow Vestas to start exporting electricity to other South American countries.
"Brazil has one of the most competitive and fastest growing markets in the world and we are certain that these investments will help us meet the criteria for local production," said Jean-Marc Lechene, the Vestas executive vice-president for production and global sourcing.
"This will place Vestas as a central figure in the Brazilian market," said Lechene.
Vestas has already sold wind turbines with a combined generating capacity of 1,000 megawatts in Brazil, but since 2012 its production has been hampered after falling out of favor with BNDES, the country's development bank, over insufficient local production.