October 10 (Renewables Now) - The board of directors of the Brazilian Development Bank (BNDES) has approved a BRL-1.76-billion (USD 429.3m/EUR 391m) loan for the development of transmission projects for 6,475 MW of wind farms.
The beneficiary is Chimarrao Transmissora de Energia SA, a special purpose company (SPE) formed by local members of the Spanish group ACS Construccion y Servicios SA (BME:ACS) and Canada's Brookfield Asset Management Inc (NYSE: BAM).
Under a 24-year term of the loan, the fund will finance the implementation of approximately 1,200 kilometres of power transmission lines, crossing 43 cities in the interior of Rio Grande do Sul state.
Secured during an auction held in December 2018, this transmission portfolio will require a total of BRL 2.24 billion in investments. Estimated to be completed in the first half of 2022, the transmission lines will help supply some 12 million families, BNDES noted.
(BRL 1 = USD 0.244/EUR 0.222)