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Atlas Renewable Energy secures financing to build 3 solar projects in Brazil

Atlas Renewable Energy secured $152 million in long-term financing for three solar projects with combined capacity of more than 300 MW in Brazil.

The financing was obtained through Banco do Nordeste do Brasil SA, with fellow Brazilian lenders Banco BTG Pactual SA, Banco ABC Brasil SA and Banco Bradesco SA backing commercial bank guarantees for the construction of the São Pedro, Juazeiro and Sol do Futuro solar projects, Atlas Renewable Energy said in a March 18 news release.

São Pedro has an installed capacity of 67.1 MW. The Juazeiro and Sol do Futuro projects are in the start-up phase.

The solar facilities will sell their output to the Chamber of Electricity Sales under separate 20-year power purchase agreements.

"By closing our investment goals of $170 million in Brazil, Atlas Renewable Energy adds to Brazil's thriving renewable energy sector," Luis Pita, Atlas Renewable Energy's general manager of Brazil, said in the news release.

Atlas Renewable Energy said it plans to add another 1,500 MW to its investment portfolio in Latin America over the next three years.