Banco do Nordeste finances 482 MW of solar projects in Brazil

Brazilian financial services provider Banco do Nordeste, whose largest shareholder is the Brazilian Federal Government, has announced it has granted loans for the construction of PV power plants with a combined capacity of 482 MW in Brazil.

The bank has provided Enel Green Power, the renewable energy arm of Italian utility Enel, with 678,7 million BRL ($212.6 million) in funds for two projects in Bom Jesus da Lapa and Tabocas do Brejo Velho, both located in the Brazilian state of Bahia, and another solar facility it is building in Ribeira do Piauí, in the state of Piauí.

Banco do Nordeste said that Enel is also financing these projects, which have a combined capacity of 350 MW (AC), with their own funds in the amount of 795,7 million BRL.

Furthermore, the Brazilian bank revealed it has also agreed to finance the 132 MW Apodi solar project under development by Norwegian developer Scatec Solar and Norway’s oil group Statoil, in partnership with local developer Kroma Energia. The bank has provided a 477.4 million BRL loan, while the project’s consortium will contribute another 187.4 million BRL of its own funds.

Statoil agreed to acquire a 40% stake in the Apodi project in early October. The Apodi project was selected by the Brazilian energy regulator ANEEL in the reserve energy auction it held in November 2015 and has a 20-year PPA with CCEE, the Brazilian Power Commercialization Chamber.

Enel’s three projects were also selected in the auctions that ANEEL held between 2014 and 2015.