Atlas seals DFI-backed solar project financing
Atlas Renewable Energy closed an 18-year-and-eight-month $67.2 million-equivalent DFI-backed loan to finance the expansion of its 187MW Juazeiro solar project in Brazil earlier this month. However, funds are yet to be disbursed according to a source close to the deal.
The $140.7 million project, located in the state of Bahia, is being financed by IDB Invest ($27.8 million), Norway’s DNB ($24.4 million), Canadian Climate Fund for Private Sector in the Americas Phase II ($7.5 million), and Clean Technology Fund ($7.5 million). The scheme, which has been structured via four SPVs named Juazeiro V through VIII and will produce 440GWh/year, is backed by a 15-year dollar-denominated PPA with chemical supplier Dow.
The IDB had announced in May that the financing would include tranches denominated both in dollars and reais. Meanwhile, in Mexico, IDB and DNB are also working together on another Atlas project – the 144MW La Pim.
