Total Eren reaches fin close on 160-MW Brazilian wind duo
Goritsa wind park. Source: Total Eren (www.eren-groupe.com).
Independent power producer (IPP) Total Eren today said it has secured all needed funds for 160 MW of wind parks it is building in Brazil’s Rio Grande do Norte state.
The French company has achieved financial close on two projects after obtaining BRL 423 million (USD 79.1m/EUR 66.5m) in long-term debt financing from Brazilian development bank Banco do Nordeste (BNB) and matures in 22 years. Sumitomo Mitsui Banking, Banco do Brasil and Banco Santander have provided a limited non-recourse letter of credit.
Some BRL 241 million will finance the construction of the 92.3-MW Terra Santa wind park, while BRL 182 million will go for the 67.5-MW Maral project. The overall investment required for the two schemes is estimated at BRL 825 million.
Each of the two wind projects has in place a 20-year power purchase agreement (PPA) and is expected to be online by the middle of 2021. Once fully operational, the plants will be capable of producing 720 GWh of electricity per year, or enough to cover the consumption of around 400,000 Brazilian 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.