Atlas Halts 1 Billion Dollars in Brazil Green Energy
Atlas Renewable Energy has suspended construction on 1.5 gigawatts of solar projects as Brazil's grid operator rejects excess power. The company faces high curtailment rates and a market design that forces generators to buy expensive replacement energy.
Atlas Renewable Energy will freeze $1 billion in new Brazil investments as the national grid operator rejects excess clean power. The decision halts 1.5 gigawatts of planned capacity that was scheduled to begin construction this year. Grid curtailment now threatens the returns of South America's largest clean power generators.
### Grid Limits Trigger Investment Freeze Atlas, owned by BLACKROCK INC unit Global Infrastructure Partners, paused the projects after curtailment rates reached 15% to 25% at existing sites during the June quarter. CEO Carlos Barrera told Reuters during the SNEC photovoltaic conference in Shanghai that Atlas had planned these investments throughout last year and this year.
