Engie has secured a loan of BRL1.2bn ($210m) from the Brazilian Development Bank (BNDES) for its renewable power generation project Campo Largo wind complex – phase 2.
Located in the state of Bahia in the municipalities of Umburana and Santo Sé, the wind complex has an installed capacity of 361.2MW and is currently under construction.
In March this year, the company secured a loan from BNDES for the Gralha Azul transmission line project that covers more than 1,000km in the state of Paraná.
BNDES energy department senior manager Carla Primavera said: “The conclusion of both projects is the result of a longstanding partnership between the BNDES and ENGIE for the development of the Brazilian electricity sector, underscoring both institutions’ vocation as important players not only in the transition to a low carbon economy, as well as in the growth of the free energy market in Brazil.”
The company noted that it has secured all installation licences for the 11 wind farms that are part of the project, and which are expected to come online next year.
Upon completion of the second phase of Campo Largo, Engie’s installed capacity from wind power is expected to cross the 1GW mark in Bahia and the 1.2GW in the Northeast region.
The Brazilian energy company further added that it has signed more than 60 agreements for the wind complex with free-market consumers.
Engie’s Brasil Energia CEO Eduardo Sattamini said: “Both agreements reflect teamwork by several areas of ENGIE and the BNDES which, in a spirit of commitment and delivery, successfully concluded two important lines of finance.
“In this way, we are realising commitments made during the development and contracting of the projects and the expected return for our shareholders.”
In January this year, BNDES approved R$1bn ($235m) funding for the construction of six wind farms and an associated substation by EDP Renewables in the state of Rio Grande do Norte.
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