Total Eren reaches financial close for the 90 MW Dracena solar project in São Paulo

Total Eren has achieved financial close for its 90 MW Dracena solar project located in the municipality of Dracena, Sao Paulo state in Brazil.

The Dracena solar project is composed of three plants of 30 MWp each, secured by Total Eren from 2014 tender held by Aneel, started its operation in August of 2019. The project has also a 20-year PPA contract with the Brazilian Energy Trade Chamber (CCEE)

The Dracena solar project has a total investment of BRL350 million (US$75.04 million). The BRL280 million (USD$60.03 million) of financing is from the issuance of infrastructure debentures maturing in over 17 years.

The debentures were purchased by Kinea Investimentos in a deal coordinated by BNP Brasil and XP Investimentos.