The Brazilian Development Bank (BNDES) has signed a 20 year term loan agreement worth about $115m with The Enel Group to finance industrial projects and large-scale infrastructure in Brazil.
Enel Global Renewable Energies head Francesco Venturini said: “We are extremely pleased with the outcome of this transaction, which is testament to the solidity of our Brazilian business.”
The deal will cover part of the investment required to build the recently inaugurated 102 MW Apiacas hydropower cluster, which is located in the state of Mato Grosso in Brazil’s Central-West Region. Enel invested approximately $287m in the construction of Apiacas, an investment financed through the Group’s own sources as well as the BNDES loan.
Venturini commented on its strength in the region by further stating, “While we strengthen our leading position in Brazil, we also continue to attract top local and international financing partners, who appreciate the commitment that we have made in a country that is so strategically important to Enel.”
In line with the loan agreement, the first instalment of BRL293m($90m) was disbursed after the signing, whereas the second instalment of BRL80m ($25m) will be disbursed in early 2017, subject to the fulfilment of conditions precedent customary for this type of transaction.
Apiacas has a 1.2MW solar PV system installed on its premises, adding its own renewable power to that produced by the hydro plants.
Enel Group acting through the three special purpose vehicles (SPVs) that are held by Enel Green Power Brasil (EGPB) and own each plant of the Apiacas hydropower cluster: Enel Green Power Salto Apiacas, Enel Green Power Cabeça de Boi and Enel Green Power Fazenda.
The Enel Group, through its subsidiaries Enel Green Power Brasil (EGPB) and Enel Brasil, has a total installed capacity of 1.3GW in the Brazilian renewable energy generation sector – of which 401MW from wind power, 12MW from solar PV and 893MW from hydropower – as well as a further 442MW of wind projects and 807MW of solar projects currently in execution.
