The solar project will supply clean energy to Anglo American's operations in Minas Gerais
Atlas Renewable Energy has secured $150m loan to finance the construction of its 359MW Lar do Sol – Casablanca solar project in Brazil.
The loan has been secured from IDB Invest, a member of IDB Group, and from DNB Bank.
With a generation capacity of 805GWh per year, the Casablanca solar project will supply clean energy to Anglo American’s operations in Minas Gerais.
The solar plant is part of the mining company’s strategy to use 100% renewable energy for its operations in Brazil as of 2022.
The photovoltaic solar modules to be installed at the Lar do Sol- Casablanca site will use bifacial technology.
The power generation capacity of the solar facility will be the equivalent of supplying energy to 390,000 houses per year. In addition, it will help in avoiding approximately 50,000 tonnes of CO2 emissions per year.
Atlas Renewable Energy’s CEO Carlos Barrera said: “We are pleased to achieve another successful financial close alongside IDB Invest and DNB Bank ASA, two institutions that have become important allies in structuring innovative financing solutions to help consumers transition to renewable energy.
“Moreover, we are extremely proud of our partnership with IDB Invest in creating a unique and ambitious social responsibility program that directly addresses diversity and inclusion within our value chain.
“We believe that clean energy should be responsibly sourced, therefore we are committed to tackling social inequalities and cultural biases from our line of work.”
In October last year, the company secured a $67m loan from IDB Invest and DNB Bank (Norway) for the construction of the 187MW Jacaranda solar project in Brazil.
After entering into operations, the Jacaranda plant is expected to generate 440GWh every year, which will be enough to supply power to a city with 750,000 inhabitants.
Launched in early 2017, Atlas Renewable Energy is part of the Energy Fund IV, founded by Actis, a private equity investor in the energy sector.
The company’s current portfolio includes 2.2GW of contracted projects in development, construction, or operational stages.
Atlas Renewable Energy targets to expand its portfolio by an additional 4GW in the next years.