Atlas Renewable Energy announced the completion of long-term financing of three of its solar energy plants in Brazil for a total amount of USD $152 million. The financing was obtained through Banco do Nordeste, backed by an equivalent sum of commercial bank guarantees from BTG Pactual, Banco ABC Brasil, and Banco Bradesco. Together, the plants will have an installed capacity of more than 300MW.
Each project has a 20-year power purchase agreement with the Chamber of Electricity Sales. It is estimated that the combined energy produced of 672.8GWh/year will provide clean energy for a total of 470,000 families per year. Atlas Renewable Energy estimates that the operation of the plants will prevent the emission of 108,000 tons of CO2 per year.
The plants are located in the northeast region, namely the São Pedro and Juazeiro plants in the state of Bahia, and the Sol Do Futuro plant in the state of Ceará. The São Pedro solar complex is the first functioning operation of Atlas Renewable Energy in Brazil, with an installed capacity of 67.1MW in two secondary plants. The São Pedro project created nearly 700 direct jobs, and will prevent the emission of more than 61,000 tons of carbon dioxide. The Juazeiro and Sol do Futuro plants are currently in the start-up phase and will be fully operational in the coming months.
BNB's Business Director, Antônio Rosendo Neto Júnior, highlights that "A partnership with Atlas Renewable Energy demonstrates the synergy of Banco do Nordeste with this sector of the economy. Investments are essential for the evolution of the energy matrix throughout the Brazilian Northeast, especially from renewable and non-contaminated sources. We are fulfilling the Bank's mission, while generating employment and income in our region."
Atlas Renewable Energy CEO Carlos Barrera explains, "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." He adds, "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."
"By closing our investment goals of $170 million in Brazil, Atlas Renewable Energy adds to Brazil's thriving renewable energy sector," explains General Manager of Brazil, Luis Pita, who also added, "we believe Latin America's renewable energy market is due for an innovative approach to the solar technology that can deliver data driven decisions at scale and statistics aimed at increasing energy production across borders. Atlas Renewable Energy is becoming a leader in this arena. These solar projects are in line with our company's commitment to invest in top of the line technologies, such as NEXTracker's TrueCapture Technology and the introduction of the first digital substation in Brazil, which, along with our work ethic, quality of production, and company culture, are part of the company's strategic priorities."