Atlas Renewable Energy carries out the first USD Project Financing in the Brazilian Renewable Sector with IDB Invest and DNB Bank | News | Instant News


SAO PAULO, October 26, 2020 / PRNewswire / – Renewable Energy Atlas, the leading renewable energy company at Latin America, announced today that it has obtained a USD 67 million loans from IDB Invest, members of the IDB Group, and from DNB Bank ASA (Norway) to finance the construction of Jacaranda, a 187MWp solar power project being developed by Atlas Renewable Energy at Brazil, marking the first time a Brazilian solar project has been fully financed in US dollars.

These loans are secured by IDB Invest, including the Clean Technology Fund and the Canadian Climate Fund for the Private Sector in America – Phase II, both managed by IDB Invest which provides a portion of the loan, together with participation from DNB Bank ASA. This loan will finance the construction of the Jacaranda solar project, which is located in the municipality of Juazeiro, Bahia State. The plant will generate 440GWh per year, which is enough to supply electricity to a city of more than 750,000 residents and avoid around 35,000 metric tons of CO.2 emissions per year under the GHG (Greenhouse Gas) Protocol, and is also equivalent to removing 36,800 vehicles from the roads in São Paulo in the same time period.

Jacaranda has a 15-year Power Purchase Agreement (PPA) with the Brazilian subsidiary of American materials science giant Dow Inc. The PPA will provide clean energy to Aratu, one of Dow’s largest production sites Brazil. The agreement between Dow and Atlas Renewable Energy is an innovative solution that will provide 24 hour clean energy to private offtakers. It achieves this by swapping energy from Jacaranda with other renewable energy providers, guaranteeing a full cycle supply.

Alongside a unique solution that addresses the main problem of solar intermittency, Atlas Renewable Energy has created a financing structure that aims to provide greater price certainty to its clients by securing financing in US dollars. This agreement also falls under the Atlas Renewable Energy Green Financial Framework – a testament to the company’s commitment to developing projects that protect and preserve the environment while adhering to the highest standards of social and environmental engagement.

Innovative approaches are present in every aspect of the project and from using bifacial module technology, increasing plant efficiency and reducing land use, to connecting the project to the first digital substation in Brazil already installed in the company Eng. Manoel de Andrade solar power plant, adjacent to Jacaranda.

In addition, in line with Atlas Renewable Energy’s commitment to an ambitious social engagement agenda, the company has stated plans to offer opportunities to local communities that promote diversity and inclusion in the construction hiring process. To achieve this, the company has engaged NGOs and local authorities to provide training in specific areas to local women, aiming to multiply the female workforce in solar projects and provide them with access to more technical jobs. Likewise, the company is mobilizing its local contractors to prioritize afro and minority breeds in the recruitment process.

“It is an honor to partner with such a high caliber financial institution and to work together once again with IDB Invest and DNB Bank”, said Carlos Barrera, CEO of Atlas Renewable Energy, who continued: “This financing is a first in the industry and is a great example of Atlas working with our partners to find innovative solutions for our clients that add significant value to their business while providing clean energy. We are also very proud of the unique diversity program we have designed. with IDB Invest to push the envelope in promoting gender and racial diversity We look forward to continuing to raise the bar and craft unique solutions that give large energy consumers a competitive advantage while accelerating the energy transition to clean energy in Latin America. “

Gian Franco Carassale, IDB Invest’s Head of Infrastructure and Energy Division commented, “Atlas Renewable Energy is a strategic client of IDB Invest. We share many core values ​​including the need to reverse climate change through renewable energy investments and through such investments create better opportunities for women and communities such as afro descendants. The Jacaranda Solar Power Project is another example. of Atlas Renewable Energy’s commitment to these values ​​and the capacity of IDB Invest and DNB Market to provide innovative financing solutions in the region. “

“DNB Bank and DNB Markets are very proud to support Atlas Renewable Energy in this milestone transaction Brazil with USD and BRL participation together with IDB Invest, a financing under the Green Financial Framework implemented by Atlas Renewable Energy and advised on structure by DNB Markets “ said Emilio Fabbrizzi, Managing Director at DNB Markets at New York.

About Atlas Renewable Energy

Atlas Renewable Energy is a renewable energy generation company that develops, builds and operates renewable energy projects on a long-term contract basis Latin America. The company’s current portfolio is 2.2GW of projects contracted in the development, construction or operational stages, and aims to expand by an additional 4GW in the coming years.

Launched in early 2017, Atlas Renewable Energy includes an experienced team with the longest track record in the solar energy industry Latin America. The company is known for its high standards in the development, construction and operation of large-scale projects.

Atlas Renewable Energy is part of Energy Fund IV, which was founded by Actis, a leading private equity investor in the energy sector in emerging markets. Atlas Renewable Energy’s growth is focused on leading emerging markets and economies Latin America, using his proven development, commercialization and structuring of knowledge to bring clean energy to the region. By actively engaging with the community and stakeholders at the center of its project strategy, the company works every day to provide Latin America with a cleaner future.

To find out more about Atlas Renewable Energy, visit: www.atlasrenewableenergy.com

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries Latin America and Caribbean through the private sector. IDB Invest funds sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio $ 13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and consulting services that meet the needs of its clients across a wide range of industries.

About DNB Bank ASA and DNB Markets, Inc.

DNB is Norway the largest financial services group and one of the largest in the Nordic region in terms of market capitalization. DNB Markets, Inc. is a registered brokerage agent at United States of America and an affiliate of DNB Markets, the investment banking division of DNB Bank ASA at Norway.

The Group is one of the world’s leading banks in shipping, energy and seafood. The Bank has a selective global focus on renewable energy, with a major emphasis on hydro, wind and solar technologies and is committed to supporting sustainable initiatives with green solutions.



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