Hydro Rein acquires stake in Brazil's largest single-phase solar complex, Vista Alegre

30 January, 2025

Hydro Rein, a leading renewable energy developer, has acquired a 20% stake in the Vista Alegre solar power complex from Atlas Renewable Energy, an international renewable energy company with strong presence in Latin America. The 902 MWp solar complex, which began full commercial operations in early December, is expected to produce 2 TWh annually. This acquisition marks a significant milestone in Hydro Rein's expansion of its operating portfolio and further reinforces its position in Brazil's renewable energy market.

Located in Minas Gerais, southeastern Brazil, Vista Alegre is the largest solar power complex in the country built in a single phase. In 2023, the projects secured equity investments and signed a 21-year power purchase agreement (PPA) with Brazil's largest single power consumer and aluminum producer, Albras, with the agreement set to commence in January 2025.

Hydro Rein has been collaborating with Atlas Renewable Energy and Albras on this project since 2021. In March 2023, Hydro Rein secured an option to acquire a minority stake in Vista Alegre.

"Vista Alegre is a cornerstone project for our growth strategy, further expanding our portfolio of operational assets. By year-end 2024, we had reached a total capacity of 2.6 GW gross and 0.75 GW net across five wind and solar developments in Brazil and the Nordics. This investment also strengthens our collaboration with Albras and Hydro, supporting their decarbonization efforts in Brazil, and deepens our strategic partnership with Atlas Renewable Energy, now spanning nearly 1.5 GW of solar capacity," said Olivier Girardot, CEO of Hydro Rein.

This is the second successful collaboration between Hydro Rein, Atlas Renewable Energy, and Albras, following the Boa Sorte solar complex in Minas Gerais, which began commercial operations in early 2024.

"Vista Alegre is a testament to our commitment to forging strong partnerships with companies like Hydro Rein and Albras that aim to drive positive and impactful change and decarbonize operations through renewable energy. With two large-scale solar projects in Brazil, we are proud to continue delivering transformative and scalable renewable energy solutions for our clients and advance the country's goal to a more diverse energy matrix," said Carlos Barrera, CEO of Atlas Renewable Energy.

With the transaction finalized, Hydro Rein now holds a 20% stake in Vista Alegre, while Atlas Renewable Energy remains as the majority shareholder and Albras completes the ownership. The project was financed through a loan from the Brazilian Development Bank (BNDES). Notably, this marks the largest US dollar renewable energy loan issued by BNDES to date.

Vista Alegre underscores Hydro Rein's dedication to delivering clean energy solutions and building enduring partnerships to accelerate the global energy transition. In Brazil, Hydro Rein is a co-owner in two more assets, in addition to Vista Alegre and Boa Sorte: the 531 MW Mendubim solar complex in Rio Grande do Norte, developed in collaboration with Scatec and Equinor; and the 456 MW Ventos de São Zacarias wind complex, a joint project with Macquarie Asset Management in Piauí and Pernambuco.

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About Hydro Rein

Hydro Rein is a leading provider of renewable energy solutions to industrials, co-owned by the renewable energy and aluminium company Hydro and infrastructure investor Macquarie Asset Management. The company has a diversified portfolio of more than 60 wind, solar and energy efficiency projects under development in core markets in the Nordics and Brazil. After three years of growth in renewable energy, Hydro Rein has a gross capacity of 8.4 GW in its portfolio and long-term contracts signed for a production of 5.3 TWh per year.

For more details, please visit www.hydrorein.com 

About Atlas Renewable Energy

Atlas Renewable Energy is an international renewable energy generation company with an asset base of more than 8.4 GW, of which 2.5 GW are in advanced development stages ready to be contracted and about 3.6 GW are operational. Atlas has specialized in developing, financing, constructing, and operating renewable energy projects since early 2017. The company has an experienced team with a deep global power market and renewable energy expertise, and it has the longest track record in the renewable energy industry in Ibero-America.

The company's strategy is focused on helping large companies make the energy transition to clean energy. Atlas Renewable Energy is widely recognized for its high standards in developing, constructing, and operating large-scale projects and its deep and long-standing track record in ESG and sustainable development.

For more details, please visit: www.AtlasRenewableEnergy.com