Lightsource BP, a solar project developer and manager based in London, has completed the financing for a 210-megawatt peak solar park in Brazil.
Work on the transmission system for the Milagres Solar project began in December 2021 and construction of the five solar sites that comprise the complex began in September in Abaiara, in the state of Ceara.
Total investment is 800 million reais (US$152 million). Banco do Brasil provided 423 million reais in debt financing via the Northeast Development Fund (Fundo de Desenvolvimento do Nordeste, or FDNE), which is managed by the Brazilian government agency Superintendencia 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 plant initiated. Commercial operation is expected in early 2024.
The majority of the energy from the park will be sold in a free contracting environment through long-term power purchase agreements signed with financially strong offtakers. The rest of the available energy will be commercialized in the coming years.
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.
Lightsource BP has executed supply contracts with Tier-1, globally recognized manufacturers, including PV modules from Canadian Solar, inverters and main transformer from Huawei, and NX Horizon smart solar trackers from Nextracker.
Lighsource BP s 50% owned by oil major BP. It has a pipeline of projects under development totalling 4.5 gigawatts peak across the southeast, midwest and northeast regions of Brazil.