Atlas Renewable Energy, Hydro Rein Commissions 438 MW Solar Project In Brazil

Renewable Energy firm, Atlas Renewable Energy and Norwegian-based Hydro Rein have announced the commissioning of a 438 MW solar PV project in Brazil. The project is located in the south-eastern Brazilian state of Minas Gerais, the Boa Sorte PV, and consists of several projects that will provide power to aluminum smelter Albras, a joint venture owned by Hydro and Nippon Amazon Aluminium, under a 20-year power purchase agreement (PPA).

The Boa Sorte project marks the first time the Brazilian Development Bank (BNDES) executed a loan using the US dollar as a reference for a renewable energy project in Brazil, setting a ‘new precedent’ for project financing in the country and allowing projects with a US-denominated PPA to receive such funding. Apart from this, the Boa Sorte PV project increases Atlas Renewable Energy’s presence in Brazil, where it recently sold a 545MW solar portfolio to French utility Engie’s subsidiary in Brazil, Engie Brasil Energia. The developer has a portfolio of 5.8GW of renewable energy assets, of which 2.7GW is operational.

In other news, Norway-based international energy company Equinor has commenced the operation of the 531 MW Mendubim solar plant in Brazil. This has marked a 30% increase in Equinor’s equity power production in Brazil. Mendubim will annually produce 1.2 TWh of power. Around 60% of the power will be sold on a 20-year USD-denominated power purchase agreement (PPA) with Alunorte, one of the world’s leading suppliers of alumina for the aluminum industry.

With Mendubim in operation, Equinor increases its equity power production in Brazil by around 30%, bringing it to over 1,4 TWh during 2024. Through Mendubim, Equinor also for the first time entered the de-regulated power market in Brazil.