Lightsource bp, a solar project developer, closed R$800 million (~$148.7 million) financing for its 210  MW of Milagres Solar project in Brazil. Banco do Brasil provided R$423 million (~$78.6 million) debt financing through the Northeast Development Fund (Fundo de Desenvolvimento do Nordeste, or FDNE), which is managed by the Brazilian governmental agency Superintendência de Desenvolvimento do Nordeste (Sudene).

Construction of the complex’s transmission system began in December 2021, and construction of the five solar sites that comprise the park began this month, in Abaiara, in the state of Ceará. The commercial operation of the solar project is expected in early 2024.

The project’s Engineering, Construction and Procurement (EPC) contractor is Motrice, a Brazilian company specializing in solutions for the construction of renewable energy generation, transmission, and distribution systems.

“These contracts reinforce the importance of Brazil in Lightsource bp’s global strategy. The company’s objective is to optimize the energy sales from our projects, creating good business and partnerships that add value to the company, customers, and investors,” said Ricardo Barros, Brazil Country Manager for Lightsource bp.

“The Milagres financial closing is a milestone for our company, not only because it was the first in the country, but also because it represents the paving of the road that we will use to achieve our growth ambitions in Brazil,” said Talvani Nolasco, Vice President of Business Development at Lightsource bp in Brazil.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022. Greenbacker Renewable Energy (GREC), an investment manager and independent power producer, entered into a senior credit agreement of $186.2 million with KeyBank and Fifth Third Bank. Green Genius, a renewable energy company, recently secured €22 million (~$21.2 million) debt financing from German private bank Berenberg to finance the construction of a 69 MW portfolio of solar projects in Poland.