Lightsource bp closes US$150 million financing on 210MW solar PV plant in Brazil

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The Milagres solar project is expected to start commercial operations in early 2024. Image: Lightsource bp.

Lightsource bp has closed a BRL800 million (US$147 million) financing for its 210MWp “Milagres” solar project in the Brazilian state of Ceará.

The investment includes a BRL423 million debt financing from Banco do Brasil through the Northeast Development Fund (FDNE), which is managed by the governmental agency Sudene and finances projects that generate new businesses and activities in the areas it operates. The balance of equity requirements was invested by Lightsource bp.

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Construction of the project that will comprise five solar sites started in December 2021 and is expected to reach commercial operations in early 2024.

The engineering, construction and procurement (EPC) contract for the project will be handled by Brazilian renewables contractor Motrice, with PV modules supplied by Canadian Solar, inverters from Huawei and trackers from Nextracker.

“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.

The bulk of the energy from the park will be sold through power purchase agreements (PPAs), for which the solar developer signed a 15-year PPA earlier this year with energy trader América Energia.

With a 4.5GW portfolio of projects under development in Brazil, Lightsource bp said it expects to meet the growing demand for solar renewable energy contracts, both through corporate PPAs and self-production structures.

Recent months have seen the developer start construction on 490MW of solar projects in Australia, secure contracts for 130MW of solar in the UK, set up operations in France and reveal plans for an aquaculture solar plant in Taiwan.

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