Atlas Renewable Energy secures US$210 million loan to fund 438MW solar project in Brazil

Facebook
Twitter
LinkedIn
Reddit
Email
The solar PV project will be built in the southeastern Brazilian state of Minas Gerais. Image: Atlas Renewable Energy

Latin America-focused solar developer Atlas Renewable Energy has secured a US$210 million loan from the Brazilian Development Bank (BNDES) to finance its 438MW Boa Sorte solar project in Brazil.

The financing marks the first time BNDES executed a loan using the dollar as a reference to a renewable energy project, setting a “new precedent” for project financing in Brazil and allowing projects with an US-denominated power purchase agreement (PPA) to receive such funding, according to the solar developer.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

This was made possible due to a new regulation under the Law #14,286/2021 – known as the Foreign Exchange Law, as of 31 December 2022 – which allows exporters to sign power purchase agreements (PPAs) in US dollars with companies that hold authorisations such as is the case for energy trading companies.

“This new framework allows electro-intensive exporting companies to reduce their risk to exchange rate fluctuations, given that their products are traded in dollars and the electricity consumed, being an important input to produce goods, can also be purchased at prices linked to the dollar,” said Daniel Barreto, superintendent of the BNDES Energy Area.

For Atlas Renewable Energy it is the third such renewables project financed in US dollars in Brazil, but the first one issued by a public bank, said Luis Pita, general manager of Atlas Renewable Energy in Brazil.

The solar PV project – which will comprise of eight solar PV plants – will be built in the south-eastern Brazilian state of Minas Gerais, and will provide energy to an undisclosed Brazilian industrial company under a 20-year PPA.

Moreover, the project is being developed by Atlas Renewable Energy through a joint venture with Norwegian renewables developer Hydro Rein.

Atlas Renewable Energy, which was acquired by fund manager Global Infrastructure Partners (GIP) and private equity firm Actis in October 2022, recently began operations on its 300MW solar PV project in Mexico.

Read Next

September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 15, 2025
Italy’s latest renewable energy tender has received 12GW of bids, of which the majority, 10GW, came from solar PV.
September 10, 2025
Voltalia is seeking compensation for the ongoing curtailment of its Brazilian solar and wind fleet, which has exceeded expectations this year.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.
September 9, 2025
Australia's National Electricity Market (NEM) broke records yesterday when renewables supplied 76.4% of total electricity demand, with solar power contributing nearly 60% of the record-breaking clean energy mix.
September 8, 2025
France has awarded 971MW of ground-mount solar capacity, to 165 projects, in the eighth round of the PPE2 PV tender.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA