Atlas Renewable Energy and Dow announce the signing of a Solar Energy PPA in Brazil

Atlas Renewable Energy's – Jacarandá Solar Plant will have an installed capacity of 187MWp and will provide clean,renewable energy to Dow's Aratu Site in the State of Bahía

SÃO PAULO,July 1,2020 -- Atlas Renewable Energy,a leading renewable energy company in Latin America along with the American material science multinational company Dow (NYSE: DOW) announced today the signing of a large-scale solar energy contract in Brazil. The clean energy supply will be through the Jacaranda photovoltaic solar plant,located in Juazeiro,the State of Bahía,and is expected to supply over 440GWh per year that will mostly be used to serve Dow under a 15-year duration contract,with offtake starting in the first half of 2021.

The Jacaranda solar plant will have an installed capacity of 187MWp with more than 450,000 modules. The plant will generate enough energy to supply a sizable part of Dow's Aratu Site's energy needs. According to the average consumption of a Brazilian family,the amount of energy generated will be equivalent to supply enough power to a city of +750,000 inhabitants. Furthermore,the plant will avoid an approximate of 35,000 metric tons of CO2 emissions per year based on the GHG (Green House Gases) Protocol,methodology developed by the World Resources Institute which follows the methods used by the IPCC (Intergovernmental Panel on Climate Change) and it is aligned with Dow's Global Emissions Inventory. This amount of avoided CO2 emission could be compared to removing 36,800 vehiclesfrom the streets of São Paulo.

This contract to secure renewable power capacity contributes to achieving one of Dow's 2025 Sustainability Goals,a commitment to obtain 750 MW of its power demand from renewable sources by 2025. Dow also recently announced additional Carbon Reduction Goals,which aim to reduce Dow's net annual emissions by 15% from 2020 to 2030,representing a reduction of 5 million tons of CO2 in the next ten years and another significant step toward reaching carbon neutrality by 2050. Currently,Dow is the number one user of clean energy in the chemical industry and among the top 25 global corporations for renewable power use (BNEF ranking),with contracts for wind,solar,hydro,biomass and landfill gas.

The Jacarandá solar plant will be developed,built and operated by Atlas Renewable Energy,whose track record and expertise in Latin America has positioned the company as an essential player in the renewable energy sector in the region. The company also keeps expanding its footprint in the Brazilian market,where it has established itself with three more operating plants in the State of Bahia and another plant in the State of Ceará: São Pedro (67MW),Sertão Solar Barreiras (117 MW),Eng. Manoel de Andrade,previously known as Juazeiro (167MW) and Sol do Futuro (81 MW).

The Jacarandá project will be neighboring the Eng. Manoel de Andrade solar plant and will make use of its digital substation,a breakthrough innovation,first-of-its-kind in the Brazilian solar industry,introduced by Atlas Renewable Energy in 2019. Furthermore,the Jacarandá project will host bi-facial module technology,a major cutting-edge technology in solar energy. These innovative solar panels use the reflection of the sun's rays from their front and back sides,increasing the efficiency of the photoelectric conversion,therefore enhancing the overall efficiency of the plant.

As part of Atlas Renewable Energy's commitment to the State of Bahía,the Jacarandá plant's construction will develop programs to bolster local communities' overall wellbeing. The project will provide training and employment focused on creating new skills for locals. It will also advocate for gender equality by implementing the program: "We are all part of the same energy" developed by Atlas Renewable Energy. This program focuses on the promotion of inclusive practices by empowering the local female workforce through training that will enhance or create new skills. This will allow local women to have access to new job opportunities within the project and uplift their skillsets and potential by integrating them into more specialized jobs. Thanks to this program the company is expecting to hire 3 to 4 times more women than the female workforce usually hired during the construction of solar projects in Brazil. In addition,the execution of the Jacarandá project is expected to have a maximum of 1,200 workers,of which a 70% is expected to be from local workforce.

"Dow is pleased to partner with leading clean power producers like Atlas Renewable Energy as we work to reduce our emission intensity and support projects that add greater renewable contribution and diversity to the grid/matrix," said Claudia Schaeffer,Dow's global business director for Energy & Climate Change. "In addition to our passion for a lower carbon future,our companies share a commitment to ESG (Environmental Social and Governance) principles that encourage economic growth and social development for the communities where we operate."

Carlos Barrera,Atlas Renewable Energy CEO mentioned:"Atlas is positioning itself as the right partner for large consumers in Latin America to serve them with clean energy and help lower their carbon footprints and reduce their costs. Our aim is to create competitive clean energy solutions for our clients by developing and implementing new,world-class renewable energy projects,all while acting responsibly with local communities. We look forward to continue supporting Dow,and other energy users across Brazil and Latin America to reduce their carbon footprints while reducing their electricity bill."

Luis Pita,General Manager of Atlas Renewable Energy for Brazil,emphasized:"We aim to continue to boost the thriving bilateral market in Brazil by implementing top-of-the-line solutions with novel technology and the highest-in-class sustainability standards in all our projects. It is an honor for us to partner with Dow,a leader in its sector that stands out for its ambitious sustainable approach in operations and culture." He also added: "We are also breaking ground in this project by implementing our program "We´re all part of the same energy",centered in the inclusion and promotion of qualified female labor force,through the development of training programs and the application of the learnings during the construction and operational phase of the plant. This will definitely help promote and integrate female workforce in the region."

Luiz Ballester,Commercial Director for Atlas Renewable Energy in Brazil,also commented: "Signing a corporate or bilateral PPA is usually an intricate and detailed process where many variables come to play. Our expertise in the matter and financial capabilities have proven to be a major differentiator for sophisticated large energy consumers,like Dow,when implementing clean energy solutions from development to full operation. Our strong know-how and bankability allow us to provide an all-encompassing service - we believe in creating a personalized and tailor-made solution that can effectively maximize each client's goals while ensuring predictability and long-term commitment."

About Atlas Renewable Energy

Atlas Renewable Energy is a renewable energy generation company that develops,builds,and operates renewable energy projects with long-term energy contracts across Latin America. The current company portfolio is 2GW of contracted projects in development,construction,or operational stages,and aims to expand by an additional 4GW in the next years.

Launched in early 2017,Atlas Renewable Energy includes an experienced team with the longest track record in the solar energy industry in Latin America. The company is recognized for its high standards in the development,and operation of large-scale projects.

Atlas Renewable Energy is part of the Energy Fund IV,founded by Actis,a leading private equity investor in the energy sector of emerging markets. Atlas Renewable Energy's growth is focused on the leading emerging markets and economies of Latin America,using its proven development,commercialization,and structuring know-how to bring clean energy to the region. By actively engaging with the community and stakeholders at the center of its project strategy,the company works every day to provide Latin America with a cleaner future.

To know more about Atlas Renewable Energy,visit:https://www.atlasrenewableenergy.com/

About Dow

Dow (NYSE: DOW) combines global breadth,asset integration and scale,focused innovation and leading business positions to achieve profitable growth. The Company's ambition is to become the most innovative,customer centric,inclusive and sustainable materials science company. Dow's portfolio of plastics,industrial intermediates,coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments,such as packaging,infrastructure and consumer care. Dow operates 109 manufacturing sites in 31 countries and employs approximately 36,500 people. Dow delivered sales of approximately $43 billion in 2019. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information,please visit http://www.dow.comor follow @DowNewsroom on Twitter.

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