Omnigen Energy, a global solar power provider supported by Appian Capital Advisory LLP, announced on Wednesday that it has secured a R$250 million ($46 million) financing from Itaú BBA. This funding will be used to complete the development of 20 small-scale solar power plants in Minas Gerais, Brazil.
Itaú BBA, based in London, United Kingdom, is the largest corporate investment bank in Latin America and part of the Itaú Unibanco group, one of the world’s largest financial conglomerates.
Appian, a long-term investor in mining and related industries, conducted a structured process involving multiple parties and partnered with Itaú BBA for this transaction. The financing will cover the remaining development costs for the solar plants, ensuring the project is fully funded until it becomes operational.
The mandated lead arranger conducted technical, legal, environmental, and social due diligence to confirm the project’s strong fundamentals and adherence to ESG (Environmental, Social, and Governance) practices. The combined capacity of the solar plants will be 62.4MWp.
This project is a key part of Appian’s strategy to incorporate clean energy and support its goal of decarbonizing its portfolio. The solar plants are expected to reduce more than 14,000 tonnes of carbon dioxide annually, equivalent to planting 20,000 trees.
Minas Gerais is the largest market for distributed generation in Brazil, with an already installed capacity of 2.5GWp.
Omnigen is progressing with the project’s engineering, procurement, and construction phases, with multiple workstreams advancing simultaneously. The development of the solar plants is currently 50% complete and remains on budget, according to the company.