Hydro Rein partners with Atlas Renewable Energy and ALBRAS to develop a self-generation solar energy project in Brazil
Hydro Rein | May 04, 2022
Hydro Rein, Atlas Renewable Energy and ALBRAS are in the process of forming a joint venture to design, build and operate a self-generation project through a solar power plant, which will be located in Paracatú , in the state of Minas Gerais, Brazil, which will have a planned total installed capacity of 438 MW. The project will provide long-term renewable energy to the primary aluminum plant in Albras.
Hydro Rein and Atlas Renewable Energy are in the process of forming a joint venture to design and build the Boa Sorte solar power plant, which will be located in Paracatú, in the state of Minas Gerais, Brazil, and has a planned total installed capacity of 438MW. The project will provide long-term renewable energy to the primary aluminum plant in Albras.
Construction of the Boa Sorte solar power plant is expected to start in the fourth quarter of 2022, and operation is expected to start in the fourth quarter of 2023. Total investments are estimated at US$320 million (100% basis). The project has been submitted to the competition authority (CADE) for approval.
As part of the realization of the self-generation project, Albras signed a PPA (power purchase agreement) denominated in US dollars with Boa Sorte for an annual supply of 815 GWh from 2025 to 2044. This agreement covers 12% of Albras' annual electricity consumption.
The Albras primary aluminum plant is located in the Brazilian state of Pará and is a joint venture formed between Hydro and NAAC (Nippon Amazon Aluminum Co. Ltd.). Albras is the largest producer of primary aluminum in Brazil, with an annual capacity of 460,000 tons, and it supplies national and international markets.
The Boa Sorte solar power plant will include more than 800,000 bifacial modules, which will provide enough energy to avoid the emission of 61,500 tonnes of CO2 per year.
About Atlas Renewable Energy
Atlas Renewable Energy is a renewable energy generation company that has been developing, financing, building and operating renewable energy projects across America since early 2017. Atlas Renewable Energy includes an experienced team with the longest experience in the industry of solar energy 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 Energy Fund IV, raised by Actis, one of the leading private investors in the energy sector. Atlas Renewable Energy's growth is focused on the region's most stable markets, using its proven development, marketing and structuring expertise to accelerate the clean energy transformation. 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 was established in 2021 as part of Hydro's growth strategy in renewable energy. The company aims to become the preferred supplier of renewable energy and other energy solutions for industrial customers. Hydro Rein has a large portfolio of wind and solar projects in Brazil and the Nordic countries for the long-term supply of energy to Hydro and other industrial users. Hydro Rein also develops a range of energy solutions to help industries manage and optimize their energy consumption and off-grid storage.