Hydro Rein, Atlas Renewable Energy and Albras have formed a joint venture (JV) to develop, build and operate a self-production solar project, which will be located in Paracatú, in Minas Gerais (Brazil), with a planned total installed capacity of 438 MW. Partners have submitted the project to the competition authority (CADE) for clearance. The project is planned to enter construction in the fourth quarter of 2022, and operations should start in late 2023. Total investments are estimated at US$ 320m. The project will supply 815 GWh/year of renewable power to Albras' primary aluminium plant from 2025 to 2044 under a US$-denominated power purchase agreement (PPA).
Solar accounted for 4% of Brazil's installed capacity, with 7.7 GW in 2020. According to preliminary estimates, solar capacity rose by nearly 5.2 GW in 2020. Over 35 GW of projects are under construction or under development.