BNDES: Investing in Brazil's 902MW Solar Complex

The Brazilian Development Bank, or BNDES, has granted a USD-447.8-million (EUR 407.6m) loan for the construction of a 902-MWp/768-MW solar complex in Janauba, Minas Gerais. The complex, conducted by renewable energy developer Atlas Renewable Energy, will generate 2 TWh of electricity per year, enough to power over 3 million people and offset 2.4 million tonnes of equivalent carbon dioxide (CO2). Albras, the largest producer of primary aluminum in Brazil, will offtake power from the solar complex with a 21-year power purchase agreement (PPA) scheduled to begin in 2025. BNDES' finance accounts for 68% of the total BRL 3.2 billion required for the project. The Vista Alegre complex is part of the country’s new growth acceleration programme (PAC).