Latin American developer clinches 187MW PV cash money

Oct 26, 2020 04:59 PM ET
  • Atlas Renewable Energy protects $67m financing from IDB Invest and DNB Bank for the Jacaranda project in Brazil
Latin American developer clinches 187MW PV cash money
Image: Atlas Renewable Energy

Latin American clean power developer Atlas Renewable Energy has actually safeguarded a $67m finance from IDB Invest and also DNB Bank to finance building and construction of the 187MW Jacaranda solar farm in Brazil.

Atlas claimed the bargain marks the very first time that a Brazilian solar project has actually been fully funded in US dollars.

The car loan was secured from IDB Invest, including the Clean Technology Fund and also the Canadian Climate Fund for the Private Sector in the Americas-- Phase Two, together with a participation from DNB Bank.

Jacaranda is located in the municipality of Juazeiro in the state of Bahia.

The plant will produce 440 gigawatt-hours a year of power, which is enough to supply power to a city of over 750,000 inhabitants and also stay clear of roughly 35,000 tonnes of CO2 emissions each year, Atlas stated.

It has a 15-year power acquisition agreement (PPA) with a Brazilian subsidiary of the American material science giant Dow.

This PPA will certainly give power to Aratu, one of the biggest manufacturing sites Dow has in Brazil.

Atlas Renewable Energy president Carlos Barrera said: "It is an honour to companion with such high-calibre banks and to function once more with IDB Invest as well as DNB Bank.

" This funding is a market initially and is a great example of Atlas collaborating with our companions to find innovative services for our clients that add significant worth to their organization while giving clean power.

" We are additionally incredibly pleased with the special variety programme that we have created with IDB Invest to forge ahead in advertising gender as well as racial diversity.

" We eagerly anticipate continuing to elevate bench and to structuring unique options that give large-energy consumers with an one-upmanship while increasing the energy shift in the direction of clean power in Latin America."

IDB Invest chief of facilities as well as energy Gian Franco Carassale claimed: "Atlas Renewable Energy is a tactical customer of IDB Invest.

" We share lots of core worths including the demand to reverse climate change through renewable resource financial investments and with such financial investments develop better opportunities for ladies as well as communities.

" The Jacaranda Solar Power Project is an additional example of Atlas Renewable Energy's commitment to these values and also IDB Invest's and also DNB Market's ability to deliver ingenious financing options in the region."

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