Atlas Renewable Energy has completed long-term financing for three of its solar energy plants in Brazil for a total amount of US$152 million. This financing was achieved through Banco do Nordeste (BNB), backed by an equivalent sum of commercial bank guarantees from BTG Pactual, Banco ABC Brasil, and Banco Bradesco.
These three projects will have an installed generation capacity of 300MW. Each site has a 20-year PPA with the Chamber of Electricity Sales (Câmara de Comercialização de Energia Elétrica- CCEE). The combined energy generated by these three installations is expected to provide clean energy for 470,000 families annually.
Atlas Renewable Energy estimates that the operation of the plants will prevent the emission of 108,000 tons of CO2 per year.
The three projects are located in the northeast area of Brazil, with two projects located in the state of Bahia, while the other site was developed in the state of Ceará.
The São Pedro solar complex in Bahia is the first functioning operation of Atlas Renewable Energy within Brazil and has an installed capacity of 67.1MW in two secondary plants. The Juazeiro and Sol do Futuro plants are currently in the start-up phase and will be fully operational in the coming months.
Carlos Barrera, Atlas Renewable Energy CEO, said: “Brazil is Latin America’s largest renewable energy market, and these three projects allow us to consolidate a strong presence in this market. We are pleased to have partnered with these strong, high-caliber financial institutions enabled in part by our team’s solid track-record and expertise in development and execution.
“As a renewable energy company, we’re just scratching the surface of how powerful Latin America’s renewable energy sector can be when you combine it with high-quality PPAs, financing innovation, and top-tier projects.”