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It Is Estimated That The Three Projects Will Benefit Approximately 470,000 Families Per Year With Clean And Renewable Energy And Will Avoid The Emission Of 108,000 Tons Of CO2 Per Year
Atlas Renewable Energy, a leader in clean energy in Latin America, announced the completion of long-term financing for three of its solar power plants in Brazil totaling US $ 152 million. The financing was obtained through the Bank of the Northeast (BNB), supported by an equivalent amount of commercial bank guarantees from BTG Pactual, Banco ABC Brasil and Banco Bradesco. Together, the plants will have an installed capacity of over 300 MWps, allowing them to achieve new standards of financial alliances and drive the Brazilian energy sector to higher levels of solar capacity.
Each project has a 20-year power purchase agreement (PPA) with the Electric Energy Trading Chamber (CCEE). It is estimated that the combined energy produced of 672.8 GWh / 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 avoid the emission of 108,000 tons of CO2 per year.
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The plants are located in the northeastern region, namely the plants of São Pedro and Juazeiro in the state of Bahia, and the Sol Do Futuro plant in the state of Ceará. The São Pedro solar complex is the first operational project of Atlas Renewable Energy in Brazil, with an installed capacity of 67.1 MWp across two secondary plants. As part of the company’s commitment to work with local communities and environmental guidelines during the construction, development, and operation phases of its plants, the São Pedro project generated around 700 direct jobs and will avoid the emission of over 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.
The business director of BNB, Antônio Rosendo Neto Júnior, highlights that “A partnership with Atlas Renewable Energy demonstrates the synergy of the Bank of the Northeast 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, generating jobs and income in our region.”
Carlos Barrera, CEO of Atlas Renewable Energy, explains: “Brazil is the largest renewable energy market in Latin America, and these three projects allow us to consolidate a strong presence in this market. We are pleased to partner with strong and high-caliber financial institutions due to the solid track record and experience in development and execution of our team.” He adds: “As a renewable energy company, we are just scratching the surface of how powerful Latin America’s renewable energy sector can be when you combine it with high-quality PPAs, innovative financing, and top-notch projects.”
“By closing our investment goals of US $ 170 million in Brazil, Atlas Renewable Energy adds to the thriving renewable energy sector in Brazil,” explains the general manager of Brazil, Luis Pita, “we believe that the renewable energy market in Latin America must be an innovative approach to solar technology that can provide data-driven decisions at scale and statistics aimed at increasing energy production beyond borders. Atlas Renewable Energy is becoming a leader in this arena. These solar power projects are aligned with our company’s commitment to invest in top-line technologies, such as NEXTracker’s TrueCapture Technology and the introduction of the first digital substation in Brazil, which, along with our work ethic, production quality, and company culture, are part of the company’s strategic priorities.”
These three projects are expected to be complemented by an additional 1.5 GW, which Atlas Renewable Energy plans to add to its investment portfolio over the next three years across Latin America. Current operations in Chile, Uruguay, Brazil, and Mexico are evidence of Atlas Renewable Energy’s commitment to developing alternative energies in Latin America and a testament to its track record as a developer and asset manager in the region.
About Atlas Renewable Energy
Atlas Renewable Energy is a renewable energy company that develops, builds, and operates renewable energy projects with long-term energy contracts throughout Latin America. Atlas Renewable Energy’s current portfolio is 1.2GW of contracted projects in the development, construction, or operation phases, with a target to increase an additional 1.5GW in the next decade.
Launched in early 2017, Atlas Renewable Energy includes an experienced team with the longest history in the solar energy sector in Latin America. The company is recognized for its high standards in the development, construction, and operation of large-scale projects.
Atlas Renewable Energy is part of Energy Fund IV, founded by Actis, one of the leading private equity investors in the energy sector of emerging markets. Actis has allocated over US $ 600 million in equity to Atlas Renewable Energy to invest in long-term contracted renewable energy projects.
The growth of Atlas Renewable Energy is focused on key emerging markets and economies in Latin America, using its proven development, marketing, and structuring know-how to bring clean energy to the region.
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