Albioma secured R$120,5 million in financing from BNDES (Brazilian Development Bank), using resources from the Climate Fund and FINEM, to accelerate the completion of eight small-scale solar energy projects and advance payment on commercial notes issued in 2024. The operation was supported by Watt Capital.
With a total capacity of 30,2 MWp, the projects are distributed across regions in the interior of São Paulo and Minas Gerais, covering three distribution concessions, and total estimated investments of R$150,7 million.
According to Eduardo Tobias, managing partner at Watt Capital, the negotiation took more than two years to prepare. Renato Steffen, CFO of Albioma, explained that the corporate finance model was a strategic choice.
“We chose this structure considering the lowest all-in cost and greatest leverage, even with the need for a bank guarantee for the entire term of the debt,” he explains.
Steffen also said that, in the project finance modality, BNDES requirements make the operation more expensive, with six months of debt service reserve and a minimum ICSD of 1,3, above international standards for photovoltaic projects.
On the other hand, the provision of resources from the Climate Fund and the partial flexibility of the SAC to PRICE amortization system were fundamental to making the operation viable at a time of high interest rates,” he added.
For Christiano Forman, CEO of Albioma in Brazil, the transaction reinforces the strategic partnership with the development bank.
"This is our second contract with BNDES for photovoltaic projects. The bank is also a key partner in our biomass cogeneration plants and biogas and biomethane production projects. BNDES has a highly qualified analysis team, and its blended finance strategy has been crucial in making new projects economically viable," he explained.
all the content of Canal Solar is protected by copyright law, and partial or total reproduction of this site in any medium is expressly prohibited. If you are interested in collaborating or reusing part of our material, please contact us by email: redacao@canalsolar.com.br.
