Atlas to build large solar park in Brazil under JV with ArcelorMittal

Atlas Renewable Energy has agreed to form a joint venture with steel producer ArcelorMittal as part of which the former will build a 315-MWp solar photovoltaic (PV) plant in the Brazilian state of Minas Gerais.

Under the terms of the deal, Atlas will construct the facility within the larger 787-MWp Luiz Carlos Solar PV Complex in Paracatu municipality in order to supply electricity to the steelmaker's sites in South and Southeastern Brazil.

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Once the project is completed, ArcelorMittal will take ownership of the asset by acquiring Atlas’ entire shareholding. It is estimated that the smaller solar plant alone will be able to generate 578 GWh annually, enough to meet the demand of more than 300,000 Brazilian homes.

Luiz Carlos' remaining output will be sold under a power purchase agreement (PPA) with a Brazilian company from the construction sector. Recently, Atlas secured the funds to finance the whole complex.