Lightsource bp announces the completion of financing for its Milagres Solar project in Brazil. This solar project is located in Abaira, in the state of Ceará. In fact, it represents a total investment of R$800 million.
Construction of the site’s transmission system began in December 2021. This month, Lightsource BP began construction of the five solar sites that make up the project.
Lightsource bp launches Milagres Solar
Lightsource bp benefits from a R$423 million debt financing. Thus, it is provided by Banco do Brasil, through the Fundo de Desenvolvimento do Nordeste (FDNE). The fund itself is managed by the Superintendência de Desenvolvimento do Nordeste (Sudene). The balance of the equity requirement comes from the company.
Talvani Nolasco, vice president of business development for Lightsource bp in Brazil, is pleased:
“The financial closing of Milagres is an important milestone for our company, not only because it was the first in the country, but also because it represents the paving of the road we will use to achieve our growth ambitions in Brazil.”
Thus, the construction of the solar power plant begins. Commercial operation is expected to begin in 2024. In addition, a very large portion of the energy produced by the project will be sold via long-term APPs.
Ricardo Barros, director of Lightsource bp Brazil, says:
“These contracts reinforce the importance of Brazil in Lightsource bp’s global strategy. The company’s goal is to optimize energy sales from our projects, creating good deals and partnerships that add value for the company, customers and investors.”
Many local spin-offs
Motrice, a Brazilian company, wins the EPC contract. In addition, the company has executed supply contracts with Tier 1 manufacturers such as Canadian Solar, Huawei and Nextracker.
In addition, the company is committed to making socio-environmental investments in local communities. This includes programs focused on income generation, family farming and education.
Finally, the construction of the project will also create 800 direct jobs, which will benefit the local workforce.