Atlas Renewable Energy, a renewable energy company in Latin America, has obtained a $67 million loan from IDB Invest and Norway’s DNB Bank ASA to finance the construction of Jacaranda, a 187-megawatt solar project under development in Brazil.
This marks the first time a Brazilian solar project has been fully financed in U.S. dollars.
The plant will generate 440 gigawatt hours per year, enough to supply power to a city of more than 750,000 inhabitants and avoid some 35,000 metric tons of carbon emissions per year.
Jacaranda has a 15-year power-purchase agreement (PPA) with a Brazilian subsidiary of the material science giant Dow Inc. This PPA will provide clean energy to Aratu, one of the largest production sites Dow has in Brazil. The agreement between Dow and Atlas Renewable Energy will provide 24-hour clean energy to a private offtaker.
