Atlas Renewable Energy has closed the long-term financing of $114.4m for its El Naranjal and Del Litoral solar photovoltaic (PV) projects in Salto, Uruguay.

The company secured the financing through a US Private Placement with several international investors, placed by DNB Markets, and the Inter-American Investment (IDB-Invest).

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Spread across 190ha of land in northern Uruguay, El Naranjal and Del Litoral solar projects have been operating since September and June last year, respectively.

Atlas Renewable Energy CEO Carlos Barrera said: “We are very pleased to close this transaction with great financial institutions backing us.

"This is DNB Markets’ third green project bond transaction in Uruguay, and the second this year that we successfully placed in the debt capital markets."

“We believe solar energy will continue to play a crucial role in Latin America’s energy growth needs because of its inherent sustainability credentials combined with its increasing cost-competitiveness.

“As the renewables sector grows, Atlas will continue striving to differentiate ourselves with sector innovation in every facet of our business, including capital structuring.”

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Collectively the two solar farms feature 238,720 solar panel modules and have an installed capacity of 75.8MWp. They produce 144.3GWh annually.

El Naranjal and Del Litoral projects have a 30-year power purchase agreement (PPA) with the state-owned company, Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), and will supply 100% of their energy generation to UTE until December 2043.

Atlas estimates that the projects have the capacity to power nearly 46,000 houses in the region and also eliminate 55,500t of CO2 emissions annually.

DNB Markets Latin America Project Finance managing director and head Emilio Fabbrizzi said: “This is DNB Markets’ third green project bond transaction in Uruguay, and the second this year that we successfully placed in the debt capital markets, under an innovative financing structure together with IDB Invest.”