Atlas Banks Loan for 768MWac Brazilian Solar

Source: www.gulfoilandgas.com 11/29/2023, Location: South America

Atlas Renewable Energy, international developer and one of the largest and fastest-growing independent power producers (IPP) in Latin America, secured a USD447.8 million (equivalent to R$2,18 billion) loan from the Brazilian development bank (BNDES), the bank's largest renewable energy US Dollar loan to date, to build the Vista Alegre Solar Plant. With an installed capacity of 902 MWp, equivalent to 768 MWac, the plant will produce an average of 200 MW or 2TWh annually, preventing 2.4 million tons of CO2 during its 20-year operation equivalent to producing enough power to supply over 3 million people.

Vista Alegre, the largest solar project to be built in a single phase in Brazil, will supply electricity to Albras for 21 years through a power purchase agreement (PPA). The financing marks the second collaboration between the BNDES and Atlas, following the successful financing of the Boa Sorte Solar Power Plant (438 MWp), another joint venture with Albras, which will also supply clean energy for aluminum production. Vista Alegre allows Atlas to continue positioning itself as a leader in US dollar PPAs for large energy consumers in Brazil. Construction began in 2023 and the project is set to start supplying clean energy to Albras by 2025.

"We are incredibly proud of this project that becomes an instant symbol in Brazil and Latin America of the significant progress that can be made in advancing the energy transition with the help of local financing partners. We would like to thank BNDES for their support and trust in offering Atlas Renewable Energy the largest-ever US Dollar loan they have ever granted for a renewable energy project. We are equally proud that Vista Alegre will incorporate the best ESG practices of the industry, incorporating powerful social programs that advocate for, support and empower the local community," said Carlos Barrera, CEO of Atlas Renewable Energy.

The solar project, which will generate more than 2,500 jobs during its construction phase, will continue to promote best-in-class ESG practices through strong project execution to provide long-term benefits to the surrounding communities during the construction and operation phases. Atlas will implement its flagship social program, 'We are all part of the same energy,' to promote diversity and inclusion in the construction of its renewable energy projects by upskilling local women to increase their participation to at least 15%. Atlas will also implement its award-winning Ed-Mundo program, which aims to train young students in programming, IT, robotics and entrepreneurship in underprivileged communities. The program enables students to become protagonists of social transformation by generating work opportunities and other sources of income for their communities.


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