Atlas Renewable Energy in its recent announcement has unveiled that it has closed USD 114.4 million in long-term financing for its Del Litoral and El Naranjal solar power plants in Salto, Uruguay.

According to reliable reports, the Del Litoral and El Naranjal plants located in Salto, have a combined installed capacity of 75.8 MWp and produce 144.3 GWh per year. The projects have been operating successfully across 190 hectares of land in the northern part of the country since June 2017 & September 2017 respectively. Both the projects have a separate 30-year power purchase agreement with the state-owned company, UTE (Administración Nacional de Usinas y Trasmisiones Eléctricas) and will supply 100% of their power generation to UTE by the end of 2043.

Sources familiar with the matter cite that the financing was locked through a U.S. Private Placement with international investors placed by the IDB-Invest (Inter-American Investment Corporation) and DNB Markets, Inc. Comprising a senior and a subordinated note, the deal was arranged as an A/B Bond structure, while IDB-invest was the lender of record.

Carlos Barrera, Atlas’s chief executive officer, was quoted saying that the company is pleased to close the deal with significant financial backing. He further said that solar energy plays a key role in Latin America’s energy growth needs, owing to its inherent sustainability credentials and increasing cost-competitiveness.

Atlas Renewable Energy claims that the operation of the project is estimated to power over 45,959 houses and shun the emission of 55,500 tons of CO2 every year.

According to Mr. Barrera, as the renewable energy industry grows in the coming years, the company aims to continue to pursue innovation in every facet of its business, together with capital structuring. He also mentioned that that the company will be looking forward to continue placing itself as the leading player across Latin America.