Atlas Renewable Energy has completed the long-term financing of $152m for its three solar energy plants in Brazil.

The funding was obtained through the Brazilian regional development bank Banco do Nordeste (BNB) and was backed by an equivalent sum of commercial bank guarantees from BTG Pactual, Banco ABC Brasil, and Banco Bradesco.

Atlas Renewable Energy CEO Carlos Barrera said: “Brazil is Latin America’s largest renewable energy market, and these three projects allow us to consolidate a strong presence in this market.

“We are pleased to have partnered with these strong, high-calibre financial institutions enabled in part by our team’s solid track-record and expertise in development and execution.

“Brazil is Latin America’s largest renewable energy market, and these three projects allow us to consolidate a strong presence in this market.”

“As a renewable energy company, we’re just scratching the surface of how powerful Latin America’s renewable energy sector can be when you combine it with high-quality PPAs, financing innovation, and top-tier projects.”

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By GlobalData

The three solar plants will have an installed capacity of more than 300MW, generating 672.8GWh of energy per year. The company anticipate that the projects will eliminate 108,000 tonnes of carbon emissions annually.

The three projects are located in the northeast area of Brazil, with two plants São Pedro and Juazeiro located in the state of Bahia, while the Sol Do Futuro plant located in the state of Ceará.

Each solar power plant has a 20-year power purchase agreement (PPA) with the Chamber of Electricity Sales.

Atlas Renewable Energy intends to add a further 1.5GW to its investment portfolio in Latin America over the next three years.