Atlas Renewable Energy has obtained a US$67 million loan from IDB Invest, and from DNB Bank ASA (Norway) to finance the construction of Jacaranda, a 187 MWp solar project being developed by Atlas Renewable Energy in Brazil.
The loan was secured from IDB Invest, including the Clean Technology Fund and the Canadian Climate Fund for the Private Sector in the Americas – Phase II, both administered by IDB Invest which provided a portion of the loan, together with a participation from DNB Bank ASA. This loan will finance the construction of the Jacaranda solar project, located in the municipality of Juazeiro, State of Bahia. The plant will generate 440 GWh per year, which is enough to supply power to a city of over 750,000 inhabitants and avoid approximately 35,000 metric tons of CO2 emissions per year based on the GHG (Green House Gases) Protocol, and is also the equivalent of removing 36,800 vehicles from the streets of São Paulo in the same period of time.
Jacaranda has a 15-year Power Purchase Agreement (PPA) with a Brazilian subsidiary of the American material science giant Dow Inc.
