Atlas Renewable Energy, a solar and wind project developer, secured R$1.5 billion (~$274 million) financing for the development of the Luiz Carlos solar complex. The 787 MW solar project is located in Paracatu, Minas Gerais.
Itaú BBA, a Brazilian financial services company headquartered in São Paulo, coordinated the funding. Of the total funding secured, R$750 million (~$137.39 million) came from incentivized debentures under Brazilian Law 12.431/2011 and certified as “Green Debentures” by Sustainable Fitch. The remaining R$720 million (~$131.9 million) was obtained through commercial notes.
The project’s commercial operation is scheduled for 2025, and the company claims it will produce about 1.594 GWh of clean electricity annually, enough to power over 870,000 Brazilian households.
“We are committed to being the bank of climate transition with and for our clients, and the financing of the Luiz Carlos photovoltaic complex is an example of how we have been working on this agenda. Our goal is to act as a facilitator, seeking to catalyze transformations and serve as a true hub for business origination, encouraging the use of renewable and low environmental impact sources,” says Marcelo Girão, head of Project Finance at Itaú BBA.
Last year, the company agreed to sell a 546 MW portfolio of operating solar assets to Engie Brasil Energia Complementares Participações, part of the Engie Group in Brazil. The transaction amounted to R$3.5 billion (~$640 million).
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, announced the financial close of five solar projects totaling 244.7 MW in Spain.
