Allen & Overy Advises Project Financing of 330MW Solar Power Plant in Brazil
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The financing utilized funding from the Trust Fund for the Clean Technology Fund and Canadian-Climate Fund for the Private Sector in the Americas – Phase II, both administered by IDB Invest.
The plant will deliver power to British mining company Anglo American under a long-term power purchase agreement. With commercial operation set to begin in 2022, Lar do Sol - Casablanca is expected to supply 9 TeraWatt Hours during the duration of the contract (15 years), making it the largest bilateral large-scale solar energy purchase and sale contract in Brazil to-date. It is estimated that the plant will produce enough energy to supply the equivalent of 1.4 million households.
“Building off the recent announcement of the Jacaranda (also known as New Juazeiro) solar project in Brazil, A&O’s Latin America team is proud to have the opportunity to advise on yet another groundbreaking renewable energy project,” said Sami Mir, Washington, D.C.-based partner in the Projects, Energy, Natural Resources and Infrastructure Group at A&O. “We’re honored to have worked alongside IDB Invest and DNB as they provide unique financing solutions that advance Latin America’s renewable energy goals, and help support our partner Atlas Renewable Energy to further energy transition in the region.”
The A&O team that advised IBD Invest and DNB Bank was led by Partner Sami Mir senior counsel Andre de Paiva Teixeira in São Paulo; senior counsel Simon Hayes in New York; associates Nicole Ubal, Chris Jung, Jake Reed and Nancy Canales in Washington, D.C.; and associate Krystyna Lopez in New York.