Atlas Renewable Energy, a renewable energy company, secured a R$407 million (~$76 million) loan from Brazilian lender Banco do Nordeste do Brasil’s Northeastern Constitutional Financing Fund to construct – 239 MW Lar do Sol – Casablanca II solar project in Brazil.
Brazilian chemical firm Unipar Carbocloro will co-invest in the solar project and get energy produced from the project for its manufacturing of chlorine and chlorides.
“Projects like these are great examples of long-term relationships between a renewable energy generator, a financer, and a client,” said Luis Pita, General Manager for Atlas Renewable Energy in Brazil.
The project located in Pirapora, State of Minas Gerais, will occupy about 700 hectares with 460,000 solar panels. Consisting of 460,000 modules – the Lar do Sol PV project will produce as much electricity as 261,662 households consume annually.
“The financing for renewable energy projects stands out among the support policies of Banco do Nordeste do Brasil SA. The Institution is the largest regional development bank in Latin America and stands out from the rest due to its developmental mission focused on generating employment and income in its area of operation,” said Superintendent of Banco do Nordeste de Brasil Diego Rocha Batista.
“In addition to having adequate conditions for the sector, the credit program is part of the bank’s environmental sustainability actions. The completion of another financing with Atlas Renewable Energy in Brazil reinforces the commitment to the sector and recognizes the entrepreneurial group as an excellent partner in the region,” he added.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, announced large-scale project funding came to $18.7 billion in 185 deals in 2021 compared to $18 billion in 167 deals in 2020.