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Omnigen Energy, a global solar power provider backed by Appian Capital Advisory LLP, announced on Wednesday it has secured a R$250 million ($46m) financing from Itaú BBA to finalize the development of 20 small-scale solar power plants in Minas Gerais, Brazil.
Based in London, United Kingdom, Itaú BBA is Latin America’s largest corporate investment bank and is part of the Itaú Unibanco group, one of the largest financial conglomerates in the world.
Appian, a long-term investor to mining and related companies, performed a structured process with multiple parties and is partnered with Itaú BBA in this transaction. The financing will fund the remaining development costs across the plants, with the project now fully funded through to becoming operational.
Technical, legal, environmental and social due diligence was undertaken by the mandated lead arranger to endorse robust fundamentals and ESG practices of the project. Together, the solar plants would have a total capacity of 62.4MWp.
The project is a core element of Appian’s clean energy and mining strategy, which supports the business’ ambitions to decarbonize its portfolio. The solar plants will reduce more than 14,000 tonnes of carbon dioxide per year, which is the equivalent of planting 20,000 trees.
The state of Minas Gerais is the largest distributed generation market in Brazil, with 2.5GWp already installed.
Omnigen is advancing with the project’s engineering, procurement and construction program, with multiple workstreams progressing in parallel. The development of the solar plants is now 50% complete and remains on budget, the company said.
