Once construction is complete ArcelorMittal will acquire Atlas Renewable Energy’s share of the project, giving it full ownership.
“This contract solidifies Atlas’ role as a key partner in the manufacturing sector, particularly within the steel industry, by supporting its transition to cleaner energy and advancing sustainability goals. Our PPA model showcases our flexibility in meeting customer needs, driving innovation in the market, and delivering tangible benefits,” said Fabio Bortoluzo, country manager for Atlas Renewable Energy in Brazil.
The Luiz Carlos complex will have a total capacity of 787MWp. In addition to the 315MW contracted to ArcelorMittal, a further 100MW has been contracted under a power purchase agreement (PPA) with Brazilian construction materials company Votorantim Cimentos.
The complex is located in the Paracatu region of Minas Gerais, an area whose economy has traditionally been based on gold mining and agriculture. Atlas Renewable Energy already operates the 438MW Boa Sorte PV project near Paracatu, which it commissioned earlier this year alongside fellow solar developer Hydro Rein.
The wider state of Minas Gerais is a major hub for Atlas’ operations in Brazil. In November 2023, it secured US$448 million from the Brazilian Development Bank to support the development of the 902MWp Vista Alegre solar project in the state. Atlas claims that this will be the largest single-phase solar development in Brazil upon its expected completion in 2025. It will supply power to Brazilian aluminium producer Albras through a 21-year PPA.
Earlier this year, Atlas sold the 239MW Lar Do Sol project – also in Minas Gerais – to the Brazilian subsidiary of French energy major Engie. This was part of a larger portfolio transaction where Engie acquired 545MWac of Brazilian PV projects from Atlas Renewables, spread across five separate projects.
