Atlas Renewable Energy said today that the company has received US$150 million (approximately 124.3 million euros) in financing for the construction of its 359-megawatt Lar do Sol-Casablanca solar project in Brazil.
The company has obtained loans from IDB Invest, including two funds it manages and the Norwegian DNB bank ASA.
Once the Casablanca Photovoltaic (PV) power plant is put into operation, it will be the largest power purchase agreement (PPA) signed with a Brazilian private contractor for the mining multinational company Anglo-American in Minas Gerais. The business provides 805 GWh of electricity.
Atlas calculated that the output of the solar farm would be enough to provide electricity to 390,000 local households each year and offset the annual carbon dioxide (CO2) emissions of 50,000 tons.
Atlas, focusing on Latin America, currently has a 2.2 GW contracted project portfolio and plans to add another 4 GW in the next few years. (USD 1.0 = EUR 0.829)