January 4 (Renewables Now) - The Brazilian Northeast Bank, know as Banco do Nordeste (BNB), will extend a BRL-124.5-million (USD 33m/EUR 29m) credit line to EDP Energias do Brasil SA (B3:ENBR3) to develop a previously won transmission line batch.
As part of the agreement with EDP's subsidiary EDP Transmissao MA II, BNB will provide funds from the Constitutional Fund for Financing of the Northeast - FNE.
EDP said in a statement that the fresh financing covers about 70% of the total capex for the project. It secured the award in a transmission tender held in 2016.
The company already has an environmental licence and is awaiting for the approval of the installation licence to start construction works, it said.
(BRL 1 = USD 0.27/EUR 0.23)