Total Eren has achieved financial close of its 160 MW solar photovoltaic portfolio currently under development in the State of Rio Grande do Norte in Brazil.
Total Eren has secured a BRL423 million (US$81.03 million) financing for its two Brazilian wind farms through the issuance of long-term financing with a maturity of 22 years from Banco do Nordeste (BNB), a Brazilian development bank.
The 92.3 MW Terra Santa wind park secures BRL241 million (US$46.17 million) and BRL182 million(US$34.86 million) is awarded for the 67.5 MW Maral wind farm. The total investment cost of the Terra Santa and Maral complex reaches BRL825 million (US$158.04 million). Terra Santa (92.3 MW) and Maral (67.5 MW) both hold 20-year private Power Purchase Agreements (PPAs) and are expected to reach commissioning by mid-2021. Once completed, they will generate 720 GWh per year, enough to supply the needs of approximately 400,000 Brazilian homes. T
BNB acted as the sole lender of the transaction. A limited/non-recourse letter of credit was provided by three commercial banks active in Brazil, namely Sumitomo Mitsui Banking, Banco do Brasil, and Banco Santander.
