Solar developer Atlas Renewable Energy has secured US$447.8 million from the Brazilian Development Bank (BNDES) to develop a 902MWp single-phase project in Brazil.
The Vista Alegre solar plant will supply electricity to aluminium producer Albras for 21 years through a power purchase agreement (PPA). Construction of the solar PV plant began in 2023 and the project is set to start supplying clean energy, with an expected annual power generation output of 2TWh, to Albras by 2025.
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Atlas Renewable Energy claimed that the project will be the largest solar facility to be built in a single phase in Brazil.
“We are incredibly proud of this project that becomes an instant symbol in Brazil and Latin America of the significant progress that can be made in advancing the energy transition with the help of local financing partners,” said Carlos Barrera, CEO of Atlas Renewable Energy.
In June, Atlas Renewable Energy signed an agreement with PV tracker supplier Nextracker to procure a tracker control system for the project.
According to Nextracker, the system, TrueCapture, uses machine learning and artificial intelligence to continually track the sun’s position and adjust the angles of solar panels to maximise energy yield. It can also adjust the tilt and position of each solar tracker in real-time to lower the impact of shading, uneven terrain and variations in weather that can reduce energy output.
This financing was the second collaboration between Atlas Renewable Energy and BNDES. In January, Atlas Renewable Energy secured a US$210 million loan from BNDES to finance its 438MW Boa Sorte solar project in Brazil.
The solar PV project – consisting of eight solar PV plants – was built in the south-eastern Brazilian state of Minas Gerais, and will provide energy to Albras under a 20-year PPA.