Lightsource bp closes financing for 210-MWp solar project in Brazil

Global solar energy business Lightsource bp said on Tuesday that it has secured BRL 423 million (USD 79.2m/EUR 82.2m) in debt financing to build its 210-MWp Milagres PV park in the Brazil.

Lender Banco do Brasil SA (BVMF:BBAS3), through the Northeast Development Fund (FDNE), provided the funding for the BRL-800-million project. Lightsource bp is mobilising own capital to cover the balance.

Milagres will be a solar farm consisting of five sites located in Abaiara in the state of Ceara. Brazilian firm Motrice is the EPC contractor selected for the project. Canadian Solar Inc (NASDAQ:CSIQ) supplied the PV modules, inverters and the main transformer are from Huawei, and Nextracker shipped its NX Horizon smart solar trackers.

Building works on the sites started this month, Lightsource said. Construction of the transmission systems attached to the future plant began in December 2021.

The complex is expected to reach commercial operation in early 2024.

Most of the solar farm’s production has already been placed with off-takers under long-term power purchase agreements (PPAs). Lightsource this year signed PPAs with Brazilian wind power peer Casa dos Ventos and independent energy trader America Energia.

“The rest of the available energy will be commercialized in the coming years,” Lightsource said.

(BRL 1.0 = USD 0.187/EUR 0.195

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