Leading Norwegian aluminium maker Hydro’s Hydro Rein and Atlas Renewable Energy’s joint venture to develop the Boa Sorte Solar plant, have secured the first US dollar indexed loan issued by Banco Nacional de Desenvolvimento Econômico e Social BNDES, the Brazilian Development Bank.The Boa Sorte solar plant is located in the state of Minas Gerais, and will be a self production plant, with an installed capacity of 438 MW. Construction started in October, and operations are planned to commence by the end of 2023. Boa Sorte will generate 815 GWh annually. This is equivalent to providing clean energy to more than 394,000 homes and offset more than 61,000 tons of CO2 emissions per year.The loan of USD 210 million is the first time BNDES has executed a US dollar indexed loan to a renewable energy project after the new regulation that allows exporters to enter into dollar denominated power purchase agreements. The loan sets a new precedent for financing large scale renewable energy projects to decarbonize industry in Brazil.Hydro Rein was established in 2021 as part of Hydro’s strategy to grow in renewables. The company aims at becoming the preferred supplier of renewable power and other energy solutions for industrial clients. Hydro Rein has a significant pipeline of wind and solar projects in Brazil and the Nordics for long-term power supply to Hydro and other industrial offtakers. Hydro Rein is also developing a range of energy solutions to assist industries with the management and optimization of its energy consumption and storage behind-the-meter. Atlas Renewable Energy is an international renewable energy generation company that has been developing, financing, constructing and operating renewable energy projects throughout the Americas since early 2017. Atlas Renewable Energy includes an experienced team with deep global power market and renewable energy expertise, and with the longest track record in the renewable energy industry in Latin America.
Leading Norwegian aluminium maker Hydro’s Hydro Rein and Atlas Renewable Energy’s joint venture to develop the Boa Sorte Solar plant, have secured the first US dollar indexed loan issued by Banco Nacional de Desenvolvimento Econômico e Social BNDES, the Brazilian Development Bank.The Boa Sorte solar plant is located in the state of Minas Gerais, and will be a self production plant, with an installed capacity of 438 MW. Construction started in October, and operations are planned to commence by the end of 2023. Boa Sorte will generate 815 GWh annually. This is equivalent to providing clean energy to more than 394,000 homes and offset more than 61,000 tons of CO2 emissions per year.The loan of USD 210 million is the first time BNDES has executed a US dollar indexed loan to a renewable energy project after the new regulation that allows exporters to enter into dollar denominated power purchase agreements. The loan sets a new precedent for financing large scale renewable energy projects to decarbonize industry in Brazil.Hydro Rein was established in 2021 as part of Hydro’s strategy to grow in renewables. The company aims at becoming the preferred supplier of renewable power and other energy solutions for industrial clients. Hydro Rein has a significant pipeline of wind and solar projects in Brazil and the Nordics for long-term power supply to Hydro and other industrial offtakers. Hydro Rein is also developing a range of energy solutions to assist industries with the management and optimization of its energy consumption and storage behind-the-meter. Atlas Renewable Energy is an international renewable energy generation company that has been developing, financing, constructing and operating renewable energy projects throughout the Americas since early 2017. Atlas Renewable Energy includes an experienced team with deep global power market and renewable energy expertise, and with the longest track record in the renewable energy industry in Latin America.
