Atlas Renewable Energy Secures USD 179 Million to Build 579 MW Solar Complex in Brazil’s Minas

Atlas Renewable Energy has secured approximately BRL 1 billion (USD 179 million) in financing to construct one of Brazil’s largest solar projects to date. The funds will support the development of the Draco Solar Complex in Minas Gerais, a massive installation consisting of 11 solar photovoltaic (PV) plants with a combined installed capacity of 579 MW DC (505 MW AC).

The financing package is approved by the Brazilian National Bank for Economic and Social Development (BNDES). It also covers key infrastructure, including a 500 kV substation and a 15-km transmission line, which will connect the complex to Brazil’s National Interconnected System (SIN) upon commissioning in early 2026.

“This project adds a significant volume of clean, renewable energy to our electricity mix and supports the government’s decarbonization policy,” said Aloizio Mercadante, President of BNDES.

Powering Homes and Industry

Once operational, the Draco Solar Complex is expected to generate 710 GWh annually, enough to meet the electricity needs of 569,000 homes. The power will largely serve industrial users, helping drive decarbonisation in key sectors.

Telecom and data infrastructure provider V.tal has signed a power purchase agreement (PPA) to consume the entire output of the facility. Meanwhile, poultry producer Rivelli has contracted 5.5 MW AC from the project to meet 100 percent of the electricity demand across its five manufacturing facilities by 2026.

Strengthening Atlas’ Footprint in Brazil

The Draco project is the latest milestone in a longstanding collaboration between Atlas Renewable Energy and BNDES. Atlas CEO Carlos Barrera said that support from BNDES has helped the company deploy nearly 2 GW of solar capacity across Brazil. In a previous collaboration, BNDES approved USD 210 million for Atlas’ 438 MW solar plant.

Solar energy in Brazil surpassed the 55 GW milestone in March 2025, more than doubling its photovoltaic (PV) count in the last few years.  Although Brazil continues to add to its solar capacity, particularly in distributed generation, 2025 is expected to mark a pause in the country's growth pace. SolarPower Europe's “Global Solar Power Market Outlook 2025-2029” report highlights that the market is going to increase only marginally to 19.2 GW, compared to 18.9 GW in 2024.