Crédit Agricole CIB participated in the Project Financing to develop the Solar Power Project Boa Sorte in Brazil
The Bank acted as Mandated Lead Arranger for the completion bank guarantee.
This transaction confirms the Bank’s ability support energy transition across the globe and demonstrating continued support to its clients. The Boa Sorte Solar Power Project, sponsored by Norsk Hydro in partnership with Atlas Renewable Energy Brazil (wholly owned by GIP), closed and disbursed a 22-year non-recourse financing of USD 210 million with the purpose of funding the construction of the Greenfield 438MW solar power project in Minas Gerais state, Southeast of Brazil. It tells a long and successful story of GIP/ATLAS and Norks Hydro. Boa Sorte will contribute to the net zero objectives of Nork Hydro. This transaction adds to our active presence and track-record in the Brazilian Power sector and is already assisting to bring future opportunities arising from the strong pipeline with top level international sponsors.
Boa Sorte is a pioneer PV Solar Project in Brazil
Boa Sorte is a pioneer PV Solar Project in Brazil as it has a 20-year USD-linked Power Purchase Agreement with Norsk Hydro’s Brazilian subsidiary ALBRAS, in a market that most of the PPAs are in BRL. This transaction is the first USD-linked renewable project financed by BNDES
The anchor long term financing was structured with the Brazilian National Development Bank, BNDES, and is fully secured by non-recourse completion bank guarantees provided by Crédit Agricole CIB and Itau. The completion bank guarantees will be in place throughout the construction period + certain thresholds of generation and revenues are achieved.
 |
“Crédit Agricole CIB is very happy to support since the inception this landmark transaction with key clients which falls within Crédit Agricole CIB’s global ambition to grow our renewable energy portfolio. This transaction is the first solar project ever closed by Crédit Agricole CIB in Brazil and also the first USD-linked renewable project financed by BNDES.” Daniel Aquino, Managing Director, head of Energy Real Assets Brazil |
|
 |
“We are pleased to support GIP & Norsk Hydro in this landmark project in the Brazilian renewable energy market. It is a strong representation of CA-CIB’s commitment to championing green transition projects in support of key clients globally, also highlighting our deep sector and regional expertise.” Michael Nowak, Managing Director, Global Head of Infrastructure Coverage |