Solar developers Atlas Renewable Energy and Hydro Rein have started commercial operation of a 438MW solar PV project in Brazil.
Located in the south-eastern Brazilian state of Minas Gerais, the Boa Sorte PV farm consists of several projects that will provide power to aluminium smelter Albras, a joint venture owned by Hydro and Nippon Amazon Aluminium, under a 20-year power purchase agreement (PPA).
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Development of the project was jointly made between Latin America-based developer Atlas Renewable Energy and Norwegian-based renewables developer Hydro Rein.
This marks Hydro Rein’s second-largest PV project in Brazil, after the 531MW Mendubim solar plant, which started commercial operation last month. The project, located in the state of Rio Grande do Norte, is a joint venture with Norwegian energy company Equinor and renewables developer Scatec.
In terms of financing, the Boa Sorte project marks the first time the Brazilian Development Bank (BNDES) executed a loan using the US dollar as a reference for a renewable energy project in Brazil, setting a “new precedent” for project financing in the country and allowing projects with a US-denominated PPA to receive such funding.
Moreover, the Boa Sorte PV project increases Atlas Renewable Energy’s presence in Brazil, where it recently sold a 545MW solar portfolio to French utility Engie’s subsidiary in Brazil, Engie Brasil Energia. The developer has a portfolio of 5.8GW of renewable energy assets, of which 2.7GW is operational.
