Enel signs $100 M loan with Itaú for wind energy development in Brazil

Enel Green Power has signed a loan agreement with Brazil's bank Itaú Unibanco for $100 million to finance the construction of 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 was signed through Enel's Brazil subsidiary Enel Brasil Participações for a 10-year term loan. This new loan comes on top of another $200 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.

“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”, stated Giulio Carone, Chief Financial Officer of Enel Green Power. “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.”

“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”, said Marcelo Girão, Head of Project Finance for the power sector at Itaú BBA, the Corporate and Investment Bank of Itaú Unibanco holding.

“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”, said Cheryl Edleson Hanway, IFC Brazil Head of Infrastructure. “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”.