Neoenergia gets BNB loan for 566.5-MW Brazilian wind complex
Source: Iberdrola SA (www.iberdrola.com)
The Brazilian Northeast Bank SA, or Banco do Nordeste SA (BNB), has granted a loan of BRL 715 million (USD 132.5m/EUR 111m) to Neoenergia SA (BVMF:NEOE3) to develop a portion of the 566.5-MW Oitis Wind Complex.
The unit of Spanish renewables company Iberdrola SA (BME:IBE) will invest the funds in seven wind parks -- farms 2 trough 8, the company announced on Tuesday.
BNB's loan has a maturity term of 24 years with a grace period up to three years. The firm also has two other loans with the Brazilian Development Bank (BNDES) and the European Investment Bank (EIB), thus securing all the funds required for the project, Neoenergia said in its statement.
Comprised of 12 wind parks, Oitis is located in Piaui and Bahia states. The wind complex is scheduled to enter into full operation before the end of 2023. When completed, the plant will be Iberdrola's largest onshore wind asset in Latin America and its second largest in the whole world, the firm points out on its website.