Enel Group and the Brazilian Development Bank signed a 20-year term loan agreement worth around 373 million Brazilian reais (approximately $115 million) to cover a part of the investment required to build 102 megawatt Apiacas hydropower cluster, Enel announced on Wednesday.
In line with the loan agreement, the first installment of 293 million Brazilian reais (approximately $90 million) was disbursed after the signing.
The second installment of 80 million Brazilian reais (approximately $25 million) will be disbursed in early 2017, subject to the conditions, Enel said.
Apiacas is composed of three power plants, Salto Apiacas (45 megawatts), Cabeca de Boi (30 megawatts) and Fazenda (27 megawatts).
Apiacas is able to generate more than 490 gigawatt-hours per year, enough to meet the annual energy consumption needs of more than 200,000 Brazilian households and avoid 280,000 tonnes of carbon emission.
The Enel Group, through its subsidiaries Enel Green Power Brasil and Enel Brasil, has a total installed capacity of 1,306 megawatts in the Brazilian renewable energy generation sector.
Enel has 401 megawatts is from wind power, 12 megawatts from solar photovoltaic and 893 megawatts from hydropower, as well as a further 442 megawatts of wind projects and 807 megawatts of solar projects currently in execution.
By Zeynep Beyza Kilic