Atlas Secures Finance for 359 MW Solar Project in Brazil

May 7, 2021 10:11 AM ET
  • Atlas Renewable Energy, a leading renewable energy firm in the Americas, introduced today that it has actually acquired a USD 150 million lending from IDB Invest, a participant of IDB Team, and from DNB Bank ASA (the largest economic services team in Norway) to finance the building and construction of its Lar do Sol-- Casablanca project, a 359MWp solar project to be developed in Brazil that will give tidy energy to Anglo American's operations in Minas Gerais.

The finance was protected from IDB Invest, including the Clean Technology Fund and the Canadian Environment Fund for the Economic Sector in the Americas-- Phase II, both administered by IDB Invest, along with an engagement from DNB Bank ASA.

The plant will certainly generate 805 GWh annually as well as the Power Purchase Agreement is, to date, the biggest contract with a solar project for the supply of clean energy to a personal offtaker in Brazil and also indexed to the USA buck. Lar do Sol-- Casablanca's generation will certainly be the matching of supplying energy to 390,000 houses each year according to the typical consumption of a Brazilian family members as well as will prevent approximately 50,000 tons of CO2 emissions each year, which could be compared to getting rid of 19,867 cars from the streets of São Paulo in the exact same period.

The Casablanca solar plant is part of Anglo American's strategy to make use of 100% renewable energy for its operations in Brazil as of 2022 and is incorporated right into its Sustainable Mining Plan which has an objective of minimizing 30% of its international CO2 discharge by 2030.

This transaction was structured following a comparable format made use of by Atlas Renewable Energy in a recently announced financing for its Jacaranda solar plant, which was likewise funded by IDB Invest and also DNB Bank ASA. It likewise falls under Atlas' Eco-friendly Money Framework-- a testimony to the business's dedication to establishing projects that secure and also protect the setting while adhering to the highest criteria of social and ecological involvement. 100% of the photovoltaic solar modules that will certainly be mounted in Lar do Sol- Casablanca will certainly utilize bifacial technology, raising project performance with the aim of making electrical energy production a lot more effective with solar energy.

Moreover, according to Atlas Renewable Energy's dedication to an enthusiastic social involvement agenda, the business will be implementing social programs in the local community that proactively advertise diversity as well as incorporation. To accomplish this, the business will expand its program "we are all part of the very same energy" to Lar do Sol-- Casablanca's building and construction site, an initiative developed to educate and establish technical skills as well as knowledge of over 200 females who live in the bordering neighborhoods.

The program likewise requires advertising women who participate in trainings to have the possibility to opt for proficient jobs within Lar do Sol-- Casablanca's construction program. The company developed a goal to integrate a minimum of 15% of women depiction within the total workforce, which aims to quadruplicate the variety of females executing technical jobs in solar projects within the region. Therefore, actions have actually been taken to make sure that females are not deterred from working at the project website due to household responsibilities. To name a few points, the business will give working moms with children between the ages of 0-12 years of ages a monetary incentive to cover childcare expenditures. In addition to involving women in the building and construction procedure, Atlas has actually activated all service providers in the project to prioritize neighborhood minorities in the hiring process, wanting to include a minimum of 30% of afro-descendants within the number of females worked with and also at least 40% within the variety of guys worked with. These goals belong to the firm's approach to making certain variety and addition within the energy industry and also promote equalitarian methods by encouraging minorities across all its operations.

" We delight in to attain an additional successful monetary close along with IDB Invest and DNB Bank ASA, 2 establishments that have actually become crucial allies in structuring ingenious financing services to help consumers shift to renewable energy. Furthermore, we are incredibly pleased with our collaboration with IDB Buy developing a distinct as well as ambitious social obligation program that straight attends to variety and also addition within our value chain. Our team believe that tidy energy ought to be properly sourced, therefore we are dedicated to tackling social inequalities as well as social biases from our kind of work," said Carlos Barrera, Atlas Renewable Energy's Chief Executive Officer. "We expect continue accelerating the Brazilian market's renewable energy potential in a sustainable fashion, while giving the best-in-class solutions to huge energy consumers."

" This financing demonstrates IDB Invest's dedication to buying tidy energy and for aiding business devoted to implementing decarbonization programs in their businesses," said Gian Franco Carassale, Head of Facilities and also Energy Division at IDB Invest. "On top of that, our establishment is proud to interact with Atlas Renewable Energy to sustain programs where the incorporation of females and also minorities is a concern. We wish to have more possibilities like this in the future."

" We are really honored to once again support Atlas Renewable Energy with this new financing in Brazil with IDB Invest," claimed Emilio Fabbrizzi, Taking Care Of Director as well as Head of renewables and also infrastructure for the Americas at DNB Markets, Inc. "In addition to implementing a long-lasting and innovative framework for Brazil, we highlight that it is likewise lined up with Atlas Renewable Energy's Environment-friendly Money Framework, which was carried out with DNB Markets, Inc. in 2019."

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