Lightsource bp closes financing on Milagres Solar
Lightsource bp has completed R$800 million financing and mobilized full construction on 210MWp solar park in Brazil.
- Total R$ 800 million investment includes R$ 423 million debt financing from Banco do Brasil, through the Northeast Development Fund (FDNE)
- The Milagres Solar park will generate 212 megawatts of electricity with commercial operation expected in early 2024
- The solar park will provide enough electricity to power more than 211,500 homes
Lightsource bp, a global leader in the development and management of solar energy projects, has completed financing for its Milagres Solar project in Brazil. Construction of the complex’s transmission system began in December 2021 and construction of the five solar sites that comprise the park began this month, in Abaiara, in the state of Ceará, with an investment of BRL 800 million.
R$423 million in debt financing was provided by Banco do Brasil through the Northeast Development Fund (Fundo de Desenvolvimento do Nordeste, or FDNE), which is managed by the Brazilian governmental agency Superintendência de Desenvolvimento do Nordeste (Sudene). The goal of FDNE is to finance investments in infrastructure and public services in enterprises that will generate new businesses and productive activities in the area where Sudene operates. The balance of equity requirements was invested by Lightsource bp.
Full Notice to Proceed was issued with all contractors and construction of the photovoltaic (PV) plant initiated, with commercial operation expected in early 2024. The majority of the energy from the park will be sold in the free contracting environment through long-term power purchase agreements (PPAs) signed with financially strong offtakers. The rest of the available energy will be commercialized in the coming years.
“These contracts reinforce the importance of Brazil in Lightsource bp’s global strategy. The company’s objective is to optimize the energy sales from our projects, creating good business and partnerships that add value to the company, customers and investors,” said Ricardo Barros, Brazil Country Manager for Lightsource bp.
“The Milagres financial closing is a milestone for our company, not only because it was the first in the country, but also because it represents the paving of the road that we will use to achieve our growth ambitions in Brazil,” said Talvani Nolasco, Vice President of Business Development at Lightsource bp in Brazil.
The Engineering, Construction and Procurement (EPC) contractor for the project is Motrice, a Brazilian company specializing in solutions for the construction of renewable energy generation, transmission and distribution systems. Leveraging the company’s growth and procurement strength across 18 countries, Lightsource bp has executed supply contracts with tier 1, globally recognized manufactures including : PV modules from Canadian Solar, inverters and main transformer from Huawei, and NX Horizon™ smart solar trackers from Nextracker.
Lighsource bp will carry out socio-environmental investments in local communities, with programs focused on income generation, family farming and education. During the construction of the park, 800 direct jobs will be created, with priority given to hiring local labor.
With a strong pipeline of approximately 4.5GWp of projects under development, divided between the Southeast, Midwest and Northeast regions of Brazil; Lightsource bp expects to meet the growing demand for clean energy contracts, through corporate PPAs and through self-production energy agreements.
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