Global law firm White & Case LLP has advised Atlas Renewable Energy, as sponsor, and certain of its affiliates, as borrower and guarantors, in connection with a breakthrough transaction for the development and limited recourse financing of the 187 MWp New Juazeiro solar power project (also known as "Jacaranda"). The plant is to be built in the state of Bahia, Brazil and is expected to generate 440GWh per year.
The financing, provided by IDB Invest and DNB Bank ASA, is the first of its kind in that it is the first solar project in Brazil being financed exclusively in US dollars. The plant will provide clean energy to a Brazilian subsidiary of Dow Inc. under a 15-year power purchase agreement.
"We are very pleased to have helped get this important transaction across the finish line and expect to see similar financing structures deployed in the near future in Brazil," said partner Thomas Pate.
The White & Case team was led by partner Thomas Pate in New York and included associates Chris Bergan, Helena Buitrago and Camille Mendoza in Miami.
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