Enel locks EUR 600m of EIB debt for green projects in Latin America
Enel's Fontes Solar 2 plant in Brazil. Source: Enel
April 12 (Renewables Now) - Italian utility giant Enel SpA (BIT:ENEL) has secured up to EUR 600 million in debt for its sustainable energy initiatives in Latin America, among which is a project for almost 300 MW of wind and solar parks in Peru.
The multi-currency loan was extended by the European Investment Bank (EIB) and is linked to Enel’s ability to achieve its target for cutting Scope 1 emissions by 2023. The facility is backed by a guarantee from Italian export credit agency Sace, the EIB said on Monday.
Enel Green Power Peru has secured USD 130 million from the funding package to install wind and solar parks with a combined capacity of close to 300 MW. The remainder of the facility will support Enel’s sustainable investments in Brazil and Colombia, where the Italian group intends to execute renewable energy generation and power distribution projects.
The fresh capacity that will be installed via the proposed projects is expected to produce some 2,300 GWh of clean power annually, or enough to cover the consumption of 1.3 million homes.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.