Powertis obtains 86 million euro financing for project in Brazil

• The financing agreement with Brazil’s Banco de Nordeste amounts to 520 million Brazilian reais (around 86 million euros) to develop a plant located in the municipality of São João do Piauí, Brazil, with an installed capacity of 375 MW.
• The project, named Graviola, will create 1,200 direct jobs in the region and avoid the emission of 52,000 tons of CO2 into the atmosphere.
• Powertis continues to strengthen its pipeline, which closed the first quarter of the year with 6 GW in projects at different stages of development, including 2 GW in Brazil, 2.4 GW in Spain and 1.5 GW in Italy.

Powertis, the global solar PV project development division of Soltec Power Holdings, and BNB, Banco de Nordeste do Brasil, have signed an agreement for the financing of a new solar PV project in Brazil amounting to 520 million Brazilian reais (around 86 million euros).

The project, named Graviola, is located in the municipality of São João do Piauí (Brazil) and will have an installed capacity of 375 MW.

The agreement, which involves a credit line for a period of 24 years, at a cost of IPCA + 1.89% per annum, has received advisory support from Itaca Advisory and represents a further step in the growing scale and value of the company’s projects.

Powertis CEO Pablo Otín stated: “The Brazilian market has great growth prospects, as evidenced by the recent milestone of reaching 8 GW of installed solar PV operating capacity. It is a key market for the company and one which we strongly support due to its commitment to the energy transition. Our commitment to the country goes beyond strictly business, since for Powertis the economic and social development of local communities is a strategic priority. We believe in promoting the circular economy in the locations where we develop solar plants, and this is what we will seek with this new project”.

The Graviola project will create around 1,200 direct jobs in the region during the implementation phase. In this way, Powertis reaffirms its commitment to the local communities in which it operates by hiring local workers and boosting their economy, generating benefits for society and the environment that come with the development of the projects.

In addition, the plant will avoid the emission of 52 thousand tons of CO2 into the atmosphere and will generate energy equivalent to 410,000 homes.

Leadership in the Brazilian market

Powertis continues to strengthen its presence in the Brazilian market, where it currently has more than 2 GW of photovoltaic projects in different stages of development, underlining the strong momentum of the photovoltaic sector in the country. This agreement follows the company’s announcement of construction start at two plants in Araxá and Pedranópolis with a total capacity of 225 MW.

The company thereby continues to strengthen its pipeline, which closed the first quarter of the year at record levels with 6 GW in projects at different stages of development, of which 2 GW correspond to Brazil, 2.4 GW to Spain and 1.5 GW in Italy. The financing agreement reached with BNB for the “Graviola” project in São João do Piauí is expected to take effect this year.

Similarly, Soltec Power Holdings, through Powertis, continues to advance its objectives in Brazil, both in the generation and industrial businesses. The company played a significant part in developing Soltec Industrial’s operating capacity at the end of the first quarter of the year, contributing €27.9 Mn to the backlog and €720.5 Mn to the company’s pipeline.

About Powertis

Powertis is a company dedicated to the development of photovoltaic energy for large-scale projects in Europe and Latin America. Founded in Murcia, it belongs to the Soltec Power Holdings group. Its objective is solar development under the values of efficiency, excellence, respect for the environment and involvement of local communities, as well as the creation of employment in the development, structuring, financing, construction, operation and maintenance of the plants.

About Soltec Power Holdings

Soltec Power Holdings is a leading company specializing in integrated solar photovoltaic solutions focused on solar tracking systems with a strong commitment to innovation.

Headquartered in Molina de Segura, Murcia, Spain, Soltec Power Holdings has been operating since 2004 and has a diversified geographic presence focused on Spain, North America and Latin America. It is present in 16 countries with more than 1,320 employees. Since its incorporation, Soltec has supplied trackers for projects totalling approximately 8.4 GW of installed capacity. The company has been listed on the Spanish Continuous Market since 28 October, 2020 under the ticker ‘SOL’.