The Vista Alegre Solar Complex in Minas Gerais in south-eastern Brazil comprises 18 giant PV parks. In a flagship green energy development, Atlas Renewable Energy’s latest solar development aims to produce about 2,000 GWh yearly, which is equivalent to supplying more than a million Brazilian homes with clean, renewable energy and preventing about 154,000 tons of CO₂ from being released to the atmosphere. Vista Alegre, which by the end of its construction will have an installed capacity of 902MWp and will be one of the largest solar plants to be built in Latin America, will supply power to Albras, Brazil’s largest aluminium producer under a 21-year Power Purchase Agreement (PPA), a unique dollar-based contract. However, the rollout of the ambitious and challenging build was only possible through an energy-saving and robust treasury strategy.

Atlas secured a US$447.8m loan from Brazil’s National Bank for Economic and Social Development (BNDES). However, balancing onshore Brazilian Reais and offshore US dollar flows across 66 escrow and demand deposit accounts (DDAs) behind the facility was a significant project challenge. Another challenge was managing FX risk and minimising exposure during construction while managing the flow of funds both inside and out Brazil, all the while facilitating imports, and the service payments required for project execution.