MIAMI, May 2, 2022 /PRNewswire/ -- 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 Paracatú, 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.

An Atlas Renewable Energy solar 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 Paracatú, 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 Pará 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 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 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.