Enel Green Power signs $100 million loan with Itau

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Enel Green Power signs $100 million loan with Itau

Enel Green Power SpA, through its Brazilian subsidiary Enel Brasil Participações Ltda., and Itaú Unibanco S.A., a Brazilian bank, have signed a 10-year term loan agreement for over BLR260 million (US$97.7 million).

The loan with Itaú, arranged by the International Finance Corporation (IFC), will cover part of the investment to construct over 260 MW of wind power in the states of Bahia, Pernambuco and Rio Grande do Norte, located in the Northeast of Brazil.

The loan comes on top of the BLR200 million loan closed in May 2014 on IFC’s own account, in support of Enel Green Power’s wind power development projects in those States.

Giulio Carone, Chief Financial Officer of Enel Green Power, stated:

“It is testament to Enel Green Power's solid business model and financial strength that we are able to attract top quality financing partners such as Itaú and IFC as we continue to build on our position in Brazil. In this country we have reached nearly 300 MW of installed wind and hydro capacity, and have been recently awarded with over 450 MW from wind and solar in two auctions in a row, in addition to more than 300 MW of projects already in execution across all three technologies.”

Marcelo Girão, Head of Project Finance for the power sector at Itaú BBA, the Corporate and Investment Bank of Itaú Unibanco holding, commented:

“Through the combination of Itaú's experience in project finance and our close partnership with IFC, we successfully concluded another important renewable energy financing, which is one of our target sectors to support in Brazil.”

Cheryl Edleson Hanway, IFC Brazil Head of Infrastructure, added:

“IFC is excited to have Itaú, a long-term client and partner, joining us to support Enel Green Power’s plan to expand generation of wind power in Brazil. The diversification of power generation sources has become a pressing factor for Brazil’s economic growth and increased competitiveness. This investment will also support the development of the Northeast region and job creation.”

The 10-year term loan with Itaú contains the same terms of IFC’s 200 million US dollar loan; it bears an interest rate in line with the market benchmark.

List of country news

Country news

  • January 19, 2015

    EIG Global Energy Partners to Invest in Abengoa's Projects

    Abengoa and the energy and infrastructure investor EIG Global Energy Partners have entered into a non-binding agreement with the objective of jointly investing in a New Company (Newco) for the development of the already contracted portfolio of Abengoa's projects under construction. Read more
  • February 04, 2015

    Abengoa and EIG enter into the final phase to invest US$ 2.5 Billion in Abengoa Projects Warehouse 1

    Abengoa announced yesterday that it is in advanced process of documentation and due diligence regarding an investment by EIG Global Energy Partners (EIG)-managed investment funds in a portfolio of greenfield projects currently owned by Abengoa. Read more
  • March 06, 2015

    Vale and Cemig create power joint venture

    Vale S.A. has concluded the transaction with Cemig Geração e Transmissão S.A to create the joint venture Aliança Geração de Energia S/A. Read more
  • March 11, 2015

    Iberdrola sells stakes in Brazilian company

    Iberdrola has sold to Brazilian holding company Neoenergia, in which it holds a 39% stake, all of its stake in Companhia de Electricidade do Estado da Bahia (Coelba) and Companhia Energética do Rio Grande do Norte (Cosern). Read more
  • April 20, 2015

    Brazil approves 200 wind and biomass projects for April 27 auction

    The Brazilian federal energy planning company EPE has announced that a total of 201 wind and biomass projects have been approved for the first of six energy auctions in 2015. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.