Atlas Renewable Energy has secured financing to build the 768MWac solar project in Brazil.
The company secured a loan from the Brazilian development bank BNDES. It has been reported that the US$447.8 million facility is the the bank's largest renewable energy loan so far.
According to the energy company, Vista Alegre is the largest solar project to be built in a single phase in Brazil. The company has already inked a PPA with Albras to supply power for 21 years. The project will start supplying clean energy to Albras by 2025.
Atlas chief executive Carlos Barrera was quoted in a statement, "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.”
He further stated, "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.”
The company shared that the solar power project will incorporate the best ESG practices of the industry and social programs which would be beneficial for the local community.
This is not the first time that this lender and the developer are working for the first time. The latest financing marks the second collaboration between the BNDES and Atlas.
Earlier, there was the successful financing of the Boa Sorte Solar Power Plant, which used clean energy for aluminum production.