Powertis Obtains an 86-million-euro Financing for 375-MW PV Project in Brazil

Powertis, the global solar PV project development division of Soltec Power Holdings, and BNB, Banco de Nordeste do Brasil, have signed an agreement for the financing of a new solar PV project in Brazil amounting to 520 million Brazilian reais (around 86 million euros).

The project, named Graviola, is located in the municipality of São João do Piauí (Brazil) and will have an installed capacity of 375 MW.

The agreement, which involves a credit line for a period of 24 years, at a cost of IPCA + 1.89% per annum, has received advisory support from Itaca Advisory and represents a further step in the growing scale and value of the company’s projects.

Powertis CEO Pablo Otín stated:

“The Brazilian market has great growth prospects, as evidenced by the recent milestone of reaching 8 GW of installed solar PV operating capacity. It is a key market for the company and one which we strongly support due to its commitment to the energy transition. Our commitment to the country goes beyond strictly business, since for Powertis the economic and social development of local communities is a strategic priority. We believe in promoting the circular economy in the locations where we develop solar plants, and this is what we will seek with this new project”.

The Graviola project will create around 1,200 direct jobs in the region during the implementation phase. In this way, Powertis reaffirms its commitment to the local communities in which it operates by hiring local workers and boosting their economy, generating benefits for society and the environment that come with the development of the projects.

In addition, the plant will avoid the emission of 52 thousand tons of CO2 into the atmosphere and will generate energy equivalent to 410,000 homes.

Leadership in the Brazilian market

Powertis continues to strengthen its presence in the Brazilian market, where it currently has more than 2 GW of photovoltaic projects in different stages of development, underlining the strong momentum of the photovoltaic sector in the country. This agreement follows the company’s announcement of construction start at two plants in Araxá and Pedranópolis with a total capacity of 225 MW.

The company thereby continues to strengthen its pipeline, which closed the first quarter of the year at record levels with 6 GW in projects at different stages of development, of which 2 GW correspond to Brazil, 2.4 GW to Spain and 1.5 GW in Italy.

Similarly, Soltec Power Holdings, through Powertis, continues to advance its objectives in Brazil, both in the generation and industrial businesses. The company played a significant part in developing Soltec Industrial’s operating capacity at the end of the first quarter of the year, contributing €27.9 Mn to the backlog and €720.5 Mn to the company’s pipeline.