Hydro Rein and Atlas Renewable Energy Launch Boa Sorte Solar Plant
Developed through a partnership between the two renewable energy solutions providers, alongside Albras, a joint venture between Hydro and NAAC, the Boa Sorte solar plant boasts an installed capacity of 438 MW.
April 05, 2024. By Abha Rustagi
Developed through a partnership between the two renewable energy solutions providers, alongside Albras, a joint venture between Hydro and Nippon Amazon Aluminium Co. Ltd. (NAAC), the Boa Sorte solar plant boasts an installed capacity of 438 MW.
Marcela Jacob, Head of Hydro Rein in Brazil, expressed pride in achieving this milestone, emphasizing its contribution to Hydro's decarbonization journey in the country. "Hydro Rein’s mission is to develop renewable energy solutions for more sustainable industries. This is what we’re doing with Boa Sorte," Jacob remarked.
The Boa Sorte project is the second large-scale solar plant developed by Hydro Rein in Brazil, following the inauguration of the Mendubim solar plant in March 2024, in collaboration with partners Scatec and Equinor.
Notably, the development of Boa Sorte was completed on schedule and within budget, underlining Hydro Rein's commitment to ambitious sustainability standards such as the International Finance Corporation Performance Standards (IFC PS) and Equator Principles.
This solar endeavor will play a role in supplying renewable energy to Albras, Brazil’s largest primary aluminum producer. Under a 20-year power purchase agreement (PPA), commencing from 2025 to 2044, Boa Sorte is slated to fulfill approximately 12 percent of Albras’ total energy consumption.
João Batista Menezes, CEO of Albras, hailed the launch of Boa Sorte as a significant stride towards the company's long-term strategy of greener aluminum production. "With this investment, we are securing Albras' long-term energy sourcing as well as diversifying our energy matrix," Menezes commented, reaffirming the company's commitment to renewable energy and its role in the green transition.
Fabio Bortoluzo, Country Manager for Atlas Renewable Energy in Brazil, highlighted the project's significance as the company's initial power purchase agreement to supply clean energy to Albras. Bortoluzo also emphasized the successful collaboration between the two companies, which has been replicated in other projects such as Vista Alegre.
Moreover, Boa Sorte's unique distinction lies in being the first solar project in Brazil to secure a dollar-indexed loan from BNDES, Brazil's development bank. Bortoluzo concluded by reiterating Atlas Renewable Energy's commitment to delivering projects on time and within budget, contributing to their impeccable 100 percent completion rate track record.
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