Enel and BNDES sign $115 million loan deal for renewables in BrazilStaff Writer | January 6, 2017
The Enel Group and the Brazilian Development Bank (BNDES) have signed a 20-year term loan agreement worth around 373 million Brazilian reais ($115 million).
Green energy in Brazil A 20-year term loan agreement
In line with the loan agreement, the first instalment of 293 million Brazilian reais ($90 million) was disbursed after the signing, whereas the second instalment of 80 million Brazilian reais ($25 million) will be disbursed in early 2017, subject to the fulfilment of conditions precedent customary for this type of transaction.
The loan bears an interest rate based on TJLP (Taxa de Juros de Longo Prazo), the long-term interest rate reviewed quarterly by the Brazilian Central Bank. TJLP currently stands at 7.5%, below the current interbank rate in Brazil of 13.63%.
TJLP is used as base rate for loans granted by BNDES to private companies whose projects are deemed eligible for federal funding.
Apiacas has a total installed capacity of 102 MW and is composed of three power plants: Salto Apiacás (45 MW), Cabeça de Boi (30 MW) and Fazenda (27 MW).
Apiacás is able to generate more than 490 GWh per year, enough to meet the annual energy consumption needs of more than 200,000 Brazilian households, while avoiding the emission of about 280,000 tonnes of CO2 into the atmosphere.
Apiacás has a 1.2 MW solar PV system installed on its premises, adding its own renewable power to that produced by the hydro plants. ■