Latin America-focused solar developer Atlas Renewable Energy has commissioned 600MW of solar PV in Brazil.
Located in the eastern state of Minas Gerais, the two solar plants – Lar do Sol and Casablanca – have an installed capacity of 239MW and 359MW, respectively.
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Atlas has signed long-term power purchase agreements (PPAs) at both projects with major firms. The company signed a 19-year PPA in 2021 to sell power produced at the Lar do Sol plant to chlorine producer Unipar, and a 15-year deal to sell power from the Casablanca project to mining company Anglo American.
“By opting for PPAs, companies such as Unipar and Anglo American demonstrate a long-term commitment to sustainability. In addition to the environmental factor, investment in renewable energies brings commercial competitiveness to the business and has a positive impact on the brands,” said Luis Pita, general manager for Atlas in Brazil.
For the construction of the Lar do Sol solar project, the Miami-based developer had secured a US$76 million loan from Brazil’s financing entity Banco do Nordeste do Brasil in February 2022, while it secured a US$150 million loan from IDB Invest – the private sector arm of the Inter-American Development Bank – for the construction of the Casablanca project back in 2021.
Atlas has a portfolio of 4GW of contracted projects across several countries in Latin America, of which 2.2GW are operational.
Brazil is an important market for the solar developer where it is building and operating several solar PV plants, one of which it recently secured a PPA with Brazil’s largest aluminium producer Albas Aluminio Brasileiro for a 902MW project, also in the state of Minas Gerais.
