Atlas Renewable Energy, a solar developer with a focus on Latin America, has successfully commissioned two solar photovoltaic (PV) plants in Brazil, adding a total of 600MW to its growing renewable energy portfolio.
Situated in the eastern state of Minas Gerais, the two solar facilities, named Lar do Sol and Casablanca, boast impressive installed capacities of 239MW and 359MW, respectively.
Atlas Renewable Energy has secured long-term power purchase agreements (PPAs) with major corporations for both projects. In 2021, the company inked a 19-year PPA with chlorine producer Unipar to supply power generated by the Lar do Sol plant. Additionally, a 15-year PPA was established for the Casablanca project, with mining giant Anglo American as the off-taker.
Luis Pita, the General Manager for Atlas Renewable Energy in Brazil, emphasized the significance of these PPAs, stating, “By opting for PPAs, companies such as Unipar and Anglo American demonstrate a long-term commitment to sustainability. In addition to the environmental factor, investment in renewable energies brings commercial competitiveness to the business and has a positive impact on the brands.”
In February 2022, Atlas secured a $76 million loan from Banco do Nordeste do Brasil for the construction of the Lar do Sol solar project. The Casablanca project received financial support in the form of a $150 million loan from IDB Invest, the private sector arm of the Inter-American Development Bank, back in 2021.
With a substantial portfolio of 4GW in contracted projects spanning multiple Latin American countries, Atlas Renewable Energy currently operates 2.2GW of operational capacity. Brazil holds a pivotal role in the company's expansion plans, as it continues to build and operate various solar PV plants in the country. Notably, the firm recently secured a PPA with Brazil's largest aluminum producer, Albas Aluminio Brasileiro, for a 902MW project, also located in Minas Gerais. This strategic growth underscores Atlas Renewable Energy's commitment to advancing renewable energy solutions and contributing to Brazil's transition to cleaner power sources.
