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Machado Meyer and Dias Carneiro in US$150 million deal between Atlas Renewable Energy and IDB Invest and DNB Bank
Iberian Lawyer
Atlas Renewable Energy has secured a US$150 million loan from IDB Invest and DNB Bank ASA (Norway) to finance the construction of the Lar do Sol – Casablanca project, a 359 MWp solar power plant that will supply clean energy to Anglo American’s operations in Minas Gerais.
This was the second time that a Brazilian renewable energy project has received long-term financing in US dollars. The first one being the recently announced financing for Atlas’ Jacaranda solar plant, which was also financed by IDB Invest and DNB Bank, advised by the same Brazilian and US law firms. This is an important milestone in the sector that could unlock USD and other foreign currencies financing in Brazil, paving the way to boost and develop the renewable energy market.
Atlas Renewable Energy sealed a PPA with a tenor of 15 years with British mining company Anglo American Plc. The PPA is part of Anglo American’s strategy to use 100% renewable energy in its operations in Brazil from 2022 onwards. The mining company’s goal is to create a sustainable mine, with a 30% reduction in CO2 emissions by 2030.
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