Hydro Rein, Atlas RE and ALBRAS to build self-production 438 MW solar project in Brazil

Hydro Rein, Atlas Renewable Energy and ALBRAS are going to jointly develop, build and operate a self-production 438 MW solar plant in Paracatú, Brazil. The plant is meant for supply of long-term renewable power to primary aluminum plant of Albras.

The proposed Boa Sorte solar plant is planned to turn operational in Q4 2023. Construction of the plant is expected to start in Q4 2022. Total investments are estimated at USD 320 million (100% basis). The project has been submitted to the competition authority (CADE) for clearance. The Boa Sorte solar plant will contain more than 800,000 bifacial modules, which will provide enough energy to avoid the annual emission of 61,500 tons of CO2.

Albras has signed a US dollar denominated PPA (power purchase agreement) with Boa Sorte for an annual supply of 815 GWh from 2025 to 2044 within the scope of the self-production project. The agreement covers 12% of Albras’ annual power consumption.

Located in the Brazilian state of Pará, Albras primary aluminum plant is a joint venture between Hydro and NAAC (Nippon Amazon Aluminium Co. Ltd.). Albras is the largest producer of primary aluminum in Brazil with an annual capacity of 460,000 tons, and supplies both domestic and international markets.

Atlas Renewable Energy is a renewable energy generation company that has been developing, financing, constructing, and operating renewable energy projects across America since early 2017. Atlas Renewable Energy includes an experienced team with the longest track record in the solar energy industry in Latin America. The company is recognized for its high standards in the development, construction, and operation of large-scale projects.

Its renewable energy growth is focused on the most stable markets in the region, using its proven expertise in development, marketing, and structuring to accelerate the transformation to clean energy. By actively engaging with the community and stakeholders at the heart of its strategy, the company works every day to deliver a cleaner future.

Hydro Rein was established in 2021 and aims at becoming the preferred supplier of renewable power and other energy solutions for industrial clients. Hydro Rein has a significant pipeline of wind and solar projects in Brazil and the Nordics for long-term power supply to Hydro and other industrial off takers. Hydro Rein is also developing a range of energy solutions to assist industries with the management and optimization of its energy consumption and storage behind-the-meter.