Financial close achieved for 210 MW Solar PV project in Brazil

Lightsource bp has announced the financial close for its Milagres solar photovoltaic park located in Abaiara, in the state of Ceará, Brazil.

The 210 MW project comprises five solar sites and has the capacity to generate enough energy to power more than 211,500 homes and reduce the emission of 246,216 tons of carbon dioxide per year, equivalent to the diesel fuel consumption of more than 57,000 cars. The majority of the energy from the park will be sold in the free contracting environment through long-term power purchase agreements (PPAs) signed with financially strong off-takers. 

The project has a total investment of BRL 800 million (US$154.33 million) which includes BRL423 million (US$78.63 million) in debt financing from Banco do Brasil, through the Northeast Development Fund (FDNE). 

Construction of the complex’s transmission system began in December 2021 and is expected to be operational in Q1 of 2024.