Hydro Rein partners with Atlas Renewable Energy and ALBRAS to develop self-production solar energy project in Brazil
AsiaNet 95781
MIAMI, May 2, 2022 /PRNewswire=KYODO JBN/ --
Hydro Rein, Atlas Renewable Energy and ALBRAS are forming a joint venture to
develop, build and operate a self-production project through a solar plant,
which will be located in Paracatu, in the state of Minas Gerais, Brazil, with a
planned total installed capacity of 438 MW. The project will supply long-term
renewable power to Albras' primary aluminum plant.
Hydro Rein and Atlas Renewable Energy are forming a joint venture to develop
build the Boa Sorte solar plant, which will be located in Paracatu, in the
state of Minas Gerais, Brazil, with a planned total installed capacity of 438
MW. The project will supply long-term renewable power to Albras' primary
aluminum plant.
The construction of the Boa Sorte solar plant is planned to start in Q4 of
2022, and operations are planned to start in Q4 2023. Total investments are
estimated at USD 320 million (100% basis). The project has been submitted to
the competition authority (CADE) for clearance.
Albras within the scope of the self-production project has signed a US dollar
denominated PPA (power purchase agreement) with Boa Sorte for an annual supply
of 815 GWh from 2025 to 2044. The agreement covers 12% of Albras' annual power
consumption.
The Albras primary aluminum plant is located in the Brazilian state of Para and
is a joint venture between Hydro and NAAC (Nippon Amazon Aluminium Co. Ltd.).
Albras is the largest producer of primary aluminum in Brazil with an annual
capacity of 460,000 tons, and supplies both domestic and international markets.
The Boa Sorte solar plant will contain more than 800,000 bifacial modules,
which will provide enough energy to avoid the emission of 61,500 tons of CO2
annually.
About Atlas Renewable Energy
Atlas Renewable Energy [ https://www.atlasrenewableenergy.com/ ] is a 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 the longest
track record in the solar energy industry in Latin America. The company is
recognized for its high standards in the development, construction, and
operation of large-scale projects.
Atlas Renewable Energy is part of the Energy Fund IV, raised by Actis, one of
the leading private equity investors in the energy sector. Atlas Renewable
Energy's growth is focused on the most stable markets in the region, using its
proven expertise in development, marketing, and structuring to accelerate the
transformation to clean energy. By actively engaging with the community and
stakeholders at the heart of its strategy, the company works every day to
deliver a cleaner future.
About Hydro Rein
Hydro Rein [ https://www.hydro.com ] 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 off
takers. 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.
Photo - https://mma.prnewswire.com/media/1808576/Atlas_Solar_Plant.jpg
Source: Atlas Renewable Energy
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