Brazil BNDES extends USD-270.1m bridge loan to Renova Energia
Jun 26, 2013 - The Brazilian National Social and Economic Development Bank (BNDES) extended a BRL-600-million (USD 270.1m/EUR 206.3m) bridge loan to renewable energy developer Renova Energia (SAO:RNEW11), the company said yesterday in a statement.
The sum will be used by Renova Energia for the construction of the 386.1-MW Alto Sertao II wind power complex in northeastern Bahia state.
The loan's maturity is June 15, 2014 or on disbursement of the first tranche of the long-term financing contract to be signed between BNDES and the company, whichever is earlier.
Part of the loan was used to repay BRL 300 million worth of loans taken from BNDES in December. The remainder will be allocated for the construction of the Alto Sertao II plants, which sold their output at governmental auctions in 2010 and 2011.
(BRL 1 = USD 0.450/EUR 0.344)