Atlas Renewable Energy secures Brazil solar plant financing

Atlas Renewable Energy, a global renewable energy generator, has secured a loan of approximately US$76mn from Brazil’s Northeastern Bank’s Northeastern Constitutional Financing Fund for the construction of the Lar do Sol – Casablanca II solar plant, in Pirapora, in the state of Minas Gerais.

Atlas Renewable Energy will be the main investor and operator of the self-production plant, which will help power a Unipar (a Brazilian chemical company) facility that will produce chlorine for the treatment of water for more than 60mn people. Unipar will also invest in the solar plant project, the statement added.

“Projects like these are great examples of long-term relationships between a renewable energy generator, a financer and a client,” said Luis Pita, General Manager for Atlas Renewable Energy in Brazil. “We are very proud that Unipar and BNB recognise Atlas’ capabilities and track-record in this industry to select us as their partner to build and operate large scale renewable energy projects and implement social and environmental programs for the benefit of the communities that will surround this project.”

The Lar do Sol – Casablanca II Solar Plant, will occupy about 700ha and will have an installed capacity of 239MWp with 460,000 solar panels. The plant’s yearly energy generation will be the equivalent of supplying energy to about 261,662 households.

Moreover, the plant will avoid approximately 40,500 metric tons of CO2 emissions per year, which is equivalent to removing 16,200 vehicles from the streets of Sao Paulo.

“The financing for renewable energy projects stands out among the support policies of Banco do Nordeste do Brasil SA. The Institution is the largest regional development bank in Latin America and stands out from the rest due to its developmental mission focused on generating employment and income in its area of operation,” said Superintendent of Banco do Nordeste de Brasil, Diego Rocha Batista. 

“In addition to having adequate conditions for the sector, the credit program is part of the bank’s environmental sustainability actions. The completion of another financing with Atlas Renewable Energy in Brazil reinforces the commitment to the sector and recognises the entrepreneurial group as an excellent partner in the region.”

In addition to powering Unipar’s production of chlorine and chlorides, the plant is also set to hire about 1,200 local employees during peak construction activity and it will also implement Atlas’ female workforce program ‘We are all part of the same energy’. 

With this, Lar do Sol – Casablanca II will be adhering to at least 5 UN SDGs: 

• Gender Equality
• Clean Water and Sanitation 
• Decent Work and Economic Growth
• Reduced Inequalities
• Responsible Consumption and Production

Atlas Renewable Energy is part of the Energy Fund IV, founded by Actis, a leading private equity investor in the energy sector. Launched in 2017, the company develops, builds, and operates renewable energy projects with long-term contracts across the Americas.

The current company portfolio is 2.3 GW of contracted projects in development, construction, or operational stages, and aims to expand by an additional 4GW in the next years.