BlackRock-Backed Atlas Renewable Freezes $1 Billion in Brazil Solar Projects

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BlackRock-backed Atlas Renewable Energy has suspended $1 billion in solar projects in Brazil due to high curtailment rates and national grid rejections. The halted projects comprise about 1.5 gigawatts of planned solar capacity.

High curtailment rates and the national grid operator frequently rejecting renewable power have prompted BlackRock-backed Atlas Renewable Energy, one of the biggest solar power producers in South America, to halt $1 billion in planned investment in Brazil, the company’s chief executive Carlos Barrera told Reuters on Wednesday. “There’s at least … 1.5 gigawatts that we put on hold in Brazil, where we had planned to already start construction,” the executive told Reuters on the sidelines of the SNEC photovoltaic conference…