Atlas Renewable secures funds for 787-MWp solar project in Brazil

Atlas Renewable Energy has obtained a BRL-1.5-billion (USD 275.3m/EUR 249.8m) financing, coordinated by local bank Itau BBA, to finance a 787-MWp solar project in Brazil.

The financing takes the form of incentivised debentures worth a total of BRL 750 million and commercial notes totalling BRL 720 million.

Named Luiz Carlos, the photovoltaic (PV) complex will be built in the municipality of Paracatu, Minas Gerais state. Set to commence commercial operations in 2025, Luiz Carlos should be capable of generating enough power to supply more than 870,000 Brazilian homes.

Brazilian building materials and sustainable solutions company Votorantim Cimentos will be one of the off-takers of the PV complex's output under a 15-year power purchase agreement (PPA).

(BRL 1.0 = USD 0.184/EUR 0.167)

Choose your newsletter by Renewables Now. Join for free!