The Brazilian Development Bank, or BNDES, has approved a BRL-1.47-billion (USD 265m/EUR 234m) financing to support the 434-MW Santo Agostinho - Phase I wind power complex developed by utility Engie Brasil Energia SA (BMVF:EGIE3).
This financing, which has an amortisation term of 263 months, covers about 64% of the total investment required for the complex to be built, Engie said on Wednesday.
Located in the municipalities of Lajes and Pedro Avelino, Rio Grande do Norte state, Santo Agostinho 1 will consist of 14 wind parks. Once up and running, the complex should be able to generate enough clean electricity to power around 800,000 local homes, BNDES estimates.
Operation is scheduled to commence in early 2023.
The bank stated that the money will be used primarily in the acquisition of 70 wind turbines, which in turn will boost the local supply chain.