Omnigen Energy bags USD 46m in debt for solar installs in Brazil

 Solar plant construction in Minas Gerais, Brazil. Source: Omnigen Energy.

Omnigen Energy, a Brazilian solar energy supplier and a portfolio company of Appian Capital Advisory LLP, has raised BRL 250 million (USD 45.9m/EUR 42.7m) of debt financing to finalise the development of a project portfolio in the state of Minas Gerais.

The company said in a statement on Wednesday that it secured beneficial terms on a debt facility of the above-mentioned size from Itau BBA. It will use the money to conclude work on 20 small-scale solar plants with a total capacity of 62.4 MWp, the development of which is currently 50% complete.

Once up and running, the solar parks will eliminate the emission of more than 14,000 tonnes of CO2 per year, which is the equivalent of planting 20,000 trees.

Omnigen noted that Minas Gerais is the largest distributed generation (DG) market in the country, having 2.5 GWp of capacity already installed.