Hydro Rein acquires 20% stake in Brazil solar complex

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 a presence in Latin America. The 902 MWp solar complex, which began full commercial operations in December 2024, is expected to produce 2 TWh annually. This acquisition marks a milestone in Hydro Rein’s expansion of its operating portfolio and 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 with Brazil’s largest single power consumer and aluminium producer, Albras.

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.

Olivier Giradot, CEO of Hydro Rein, commented: “Vista Alegre is a positive project for our growth strategy, expanding our portfolio of operational assets. By the end of 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 strengthens our collaboration with Albras and Hydro, supporting their decarbonisation efforts in Brazil, and deepens our partnership with Atlas Renewable Energy, now spanning nearly 1.5 GW of solar capacity.”

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

Carlos Barrera, CEO of Atlas Renewable Energy, noted: “Vista Alegre is a testament to our commitment to forging partnerships with companies, such as Hydro Rein and Albras, that aim to drive positive and impactful change and decarbonise operations through renewable energy. With two large scale solar projects in Brazil, we are proud to continue delivering scalable renewable energy solutions for our clients, helping to advance the country’s goal to a more diverse energy matrix.”

With the transaction finalised, Hydro Rein holds a 20% stake in Vista Alegre, Atlas Renewable Energy remains as the majority shareholder, and Albras completes the remaining ownership. The project was financed through a loan from the Brazilian Development Bank (BNDES), marking 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 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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Read the article online at: https://www.energyglobal.com/solar/03022025/hydro-rein-acquires-20-stake-in-brazil-solar-complex/