Atlas Renewable Energy Secures Funding for Solar Complex in Brazil

---

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Atlas Renewable Energy (Sao Paulo, Brazil) has secured 1.5 billion Brazilian reais (about US$274 million) for the construction of the Luiz Carlos solar complex in the city of Paracatu, Minas Gerais, Brazil, in coordination with Itau BBA Bank.

Half of the funds obtained for the development of the project come from incentivized debentures under the Brazilian law which have been certified as "green debentures" by Sustainable Fitch, and another 720 million reais (about US$131 million) were obtained from commercial notes.

The complex will have an annual capacity of 1.594 gigawatts hour (GWh), powering 870,000 Brazilian homes. The plant is expected to begin commercial operations in 2025. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the project report.

"The financing of this project demonstrates our expertise and innovation in the renewable energy sector and represents a significant advancement for Atlas in promoting the energy transition for large energy consumers. We always strive to offer the best solutions to our customers, and with the Luiz Carlos photovoltaic complex, we are expanding the supply of clean energy safely and reliably, contributing to decarbonization goals," said Fábio Bortoluzo, country manager for Atlas Renewable Energy in Brazil.

The project has secured a 15-year power purchase agreement with Votorantim Cimentos to supply 100 megawatts of solar energy to Votorantim's production units.

Atlas Renewable Energy has developed 10 solar power plants across Brazil, excluding the Luiz Carlos solar plant, and sold five of the projects to Engie SA (La Defense, France) this year.

According to the Brazilian National Electricity Agency (ANEEL), the country has a solar power capacity of 14.9 gigawatts (GW), representing 7.29% of the electricity generated.

At the same time, according to ANEEL, another 145 solar projects are being developed with a combined capacity of 6.3 GW.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).