Enel Green Power and IFC have signed a $200 million loan agreement supporting the construction of over 300MW of wind power in Northeast Brazil.
The funds will support wind power projects in the Brazilian states of Bahia, Pernambuco and Rio Grande do Norte. The loan interest rate is in line with the market benchmarket and is secured by a parent company guarantee issued by Enel Green Power (EGP). The group’s development strategy relies on funding projects through cash flow generation, in combination with external funding only when the latter is long-term and competitively-priced as well as coming from reliable partners.
IFC is a member of the World Bank Group and its aim is to improve Brazil’s competitiveness, supporting job creation, infrastructure development and access to financial services for underserved sectors. Its environmental and social standards are aimed at supporting sustainable development in a number of sectors in Brazil.
“We are pleased to sign this agreement with IFC, the first one between Enel Green Power and a member of the World Bank Group” said Giulio Carone, Chief Financial Officer of Enel Green Power. “This investment is part of a comprehensive long-term investment plan to increase supply of wind power generation, seeking to support the sustainable growth of energy supply in Brazil.”
Hector Gomez Ang, IFC Brazil Country Manager, added that the investment will help to accelerate the development of the Brazilian renewable energy sector while also expanding electricity supply. Access to reliable power generation from diversified sources is a key component of Brazil’s long-term competitiveness and sustainable social and economic growth.
EGP already owns and manages 173MW of wind capacity in Brazil alongside 93MW of hydro capacity and 331MW of projects currently under development.
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