IDB Invest announced the financing of 150 million dollars to subsidiaries of Atlas Renewable Energy for the construction of six new bifacial photovoltaic plants in Brazil. The transaction includes technical advice and financial incentives to accelerate the inclusion of gender and Afro-descendants.

Atlas Renewable Energy will be in charge of the design, construction, commissioning and operation of six plants, with a combined capacity of 359 MW, located in Pirapora, in the state of Minas Gerais in Brazil. The estimated production is close to 805,000 MW per year, which would represent supplying clean energy to 390,000 homes per year. This fact will help to avoid, approximately, the emission of 50,000 tons of CO2e emissions per year.

To finance this project, 60 million dollars come from DNB Bank ASA, in addition to 80 million dollars from the IDB Invest’s funds. It will also include two mixed financing loans of 5 million each, from the Canadian Climate Fund for the Private Sector of the Americas. The financing also includes a series of financial incentives with the objective that, during the construction process, 15 percent of the technical workforce will be women and, of that group, at least 30 percent will be Afro-descendant.

The operation potentially contributes to five of the United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5), Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Action for climate (SDG 13) and Partnership to achieve the goals (SDG 17).