Atlas Renewable Energy has secured BRL$1.5bn (US$273m) to finance its 787 MW solar complex in Minas Gerais (southeastern Brazil). The funding comes partly from incentivized bonds (or “Green Bonds”) and from commercial notes, both of which were coordinated and advised by the financial group Itaú BBA. The Luiz Carlos photovoltaic complex, located in Paracatu (Minas Gerais), is expected to have an installed capacity of 787 MW to generate almost 1.6 GWh/year, enough to provide energy to more than 870,000 Brazilian homes and avoid the emission of more than 64 ktCO2/year. The solar complex is scheduled to become operational by the end of 2025.
In January 2024, the company signed a Power Purchase Agreement (PPA) with Votorantim Cimentos for the supply of 100 MW of solar energy for a 15-year period, supplied by 470 MW of Luiz Carlos’ installed capacity, which will be destined for the construction materials and sustainable solutions company.
Solar represented 16% of Brazil’s installed capacity with 37 GW and about 7% of its power generation with 49 TWh (at the end of 2023). The country has over 8 GW of solar capacity under construction and nearly 61 GW under development.
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