Atlas Renewable Energy has secured a loan from the Brazilian development bank BNDES to build the 768MWac Vista Alegre Solar Plant.
The US$447.8m facility is the the bank’s largest renewable energy US Dollar loan to date.
Vista Alegre is the largest solar project to be built in a single phase in Brazil and will supply electricity to Albras for 21 years through a PPA, Atlas said.
The financing marks the second collaboration between the BNDES and Atlas, following the successful financing of the Boa Sorte Solar Power Plant, another joint venture with Albras, which will also supply clean energy for aluminum production.
Vista Alegre allows Atlas to continue positioning itself as a leader in US dollar PPAs for large energy consumers in Brazil. Construction began in 2023 and the project is set to start supplying clean energy to Albras by 2025, the developer added.
Atlas chief executive Carlos Barrera said: “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.
“We would like to thank BNDES for their support and trust in offering Atlas Renewable Energy the largest-ever US Dollar loan they have ever granted for a renewable energy project.
“We are equally proud that Vista Alegre will incorporate the best ESG practices of the industry, incorporating powerful social programs that advocate for, support and empower the local community.”