Norsk Hydro : Hydro Rein and Atlas Renewable Energy secure dollar indexed loan for Boa Sorte solar project from the Brazilian Development Bank
January 06, 2023 at 08:40 am
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The loan of USD 210 million is the first time BNDES has executed a US dollar indexed loan to a renewable energy project after the new regulation that allows exporters to enter into dollar denominated power purchase agreements (PPAs). The loan sets a new precedent for financing large scale renewable energy projects to decarbonize industry in Brazil.
The Boa Sorte solar plant is located in the state of Minas Gerais, and will be a self production plant, with an installed capacity of 438 MW. Construction started in October, and operations are planned to commence by the end of 2023. Boa Sorte will generate 815 GWh annually. This is equivalent to providing clean energy to more than 394,000 homes and offset more than 61,000 tons of CO2 emissions per year.
About Hydro REIN
Hydro Rein was established in 2021 as part of Hydro's strategy to grow in renewables. The company aims at becoming the preferred supplier of renewable power and other energy solutions for industrial clients.
Hydro Rein has a significant pipeline of wind and solar projects in Brazil and the Nordics for long-term power supply to Hydro and other industrial offtakers. Hydro Rein is also developing a range of energy solutions to assist industries with the management and optimization of its energy consumption and storage behind-the-meter.
About Atlas Renewable Energy
Atlas Renewable Energy is an international renewable energy generation company that has been developing, financing, constructing and operating renewable energy projects throughout the Americas since early 2017. Atlas Renewable Energy includes an experienced team with deep global power market and renewable energy expertise, and with the longest track record in the renewable energy industry in Latin America.
The company's strategy is focused on helping large corporates make the energy transition to 100 percent clean energy. Atlas Renewable Energy is widely recognized for its high standards in the development, construction, and operation of large scale projects, as well as a deep and long standing track record in ESG and sustainable development.
Norsk Hydro ASA published this content on 06 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2023 13:37:44 UTC.
Norsk Hydro ASA is one of the world's leading producers of aluminium and energy. Net sales break down by activity as follows:
- production of aluminium products (42.7%): primarily aluminum extrusion profiles, rolled aluminum products, construction metals, and automotive components;
- aluminium sale and trading (36.5%);
- production and refining of aluminium (18.4%): bauxite and alumina, primary aluminum and aluminum casthouse products;
- production and distribution of energy (2.4%): electricity (No. 2 producer in Norway) and hydroelectric power.
Net are distributed geographically as follows: Norway (3.8%), Germany (10.9%), France (4.7%), Switzerland (4.4%), Spain (4%), Poland (3.8%), Italy (3.1%), Europe (14%), the United States (22.8%), Brazil (5.4%), Canada (3.6%), America (1.8%), Japan (3.1%), Singapore (3%), China (3%), Asia (7.4%), Australia and New Zealand (0.7%) and Africa (0.5%).
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