Completed Mixed AidData Chinese Aid

Bank of China participates in $111 million syndicated buyer’s credit loan for 254 MW Ituverava Solar Plant Project

$55M USD

Funder	Bank of China (BOC)
Recipient Organization	EGP Ituverava Norte Solar S.A.
Country	Brazil
Start Date	May 01, 2017
End Date	Apr 18, 2028
Duration	4,005 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`64587`

Grant Description

Bank of China contribution to USD 111 million syndicated buyer's credit loan for 254 MW Ituverava Solar Plant Project In May 2017, the Milan Branch of Bank of China and Santander issued a $111 million syndicated buyer’s credit loan to EGP Ituverava Norte Solar S.A. — a special purpose vehicle and subsidiary of Enel Green Power Brasil Participações Ltda. (“EGPB”) — for the 254 MW Ituverava Solar Plant Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried an interest rate of 2

It was backed by $145 million credit insurance policy from Sinosure and a corporate repayment guarantee from Enel S.p.A.

The purpose of this $400 million project was to construct a 254 MW solar power plant near Tabocas do Brejo Velho, a town known for its vast bamboo plantations some 800 kilometers from Salvador, the capital of the state of Bahia. Construction began on or around December 28, 2015. The power plant went into operation on September 18, 2017.

It is now one of the largest solar power plants in South America and covers an area of 579 hectares, equivalent to 700 soccer fields.

Its 850,000 solar panels are capable of generating 550 GWh a year, a quantity of energy sufficient to meet the needs of around 268,000 households, thereby avoiding the emission of 318,000 metric tons of CO2 a year.

📋 Staff Comments

The Chinese project title is 意大利安能集團巴西太陽能電站項目.
Ashurst has advised Bank of China, Milan Branch, as mandated lead arranger, bookrunner and ECA agent, and Banco Santander as mandated lead arranger, facility agent and financial advisor.
The size of Bank of China’s contribution to the loan syndicate is unknown. For the time being, AidData assume equal contributions ($55.5 million) from the two members of the loan syndicate.
The loan contract identification number is CHINA 4131 ITUVERAVA N.
The 254 MW Ituverava Solar Power Plant is supported by a 20-year power purchase agreement (PPA) with the Brazilian Chamber of Commercialisation of Electric Energy (Câmara de Comercialização da Energia Elétrica, CCEE).

📚 Sources & References

Enel brings online 546 MW of solar projects in Brazil
ENEL STARTS OPERATION OF SOUTH AMERICA`S TWO LARGEST SOLAR PARKS IN BRAZIL
Enel commences solar parks of 546 MW capacity in Brazil
Enel Commissions Largest Solar Project in South America
ENEL STARTS OPERATION OF SOUTH AMERICA`S TWO LARGEST SOLAR PARKS IN BRAZIL
Enel begins operations of 546MW solar plants in Brazil
ENEL SIGNS FRAMEWORK AGREEMENT WITH BANK OF CHINA AND SINOSURE
ENEL STARTS OPERATION OF SOUTH AMERICA`S TWO LARGEST SOLAR PARKS IN BRAZIL, “一带一路”国家可再生能源项目投融资模式、问题和建议
Deals this week: LO3 Energy
Statoil ASA
Enel Green Power Brasil Participacoes
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Estados Financieros Consolidados Intermedios
ESTADOS FINANCIEROS CONSOLIDADOS INTERMEDIOS
ESTADOS FINANCIEROS CONSOLIDADOS INTERMEDIOS
Ashurst advises the lenders in the financing of Enel's renewable projects in Brazil
Bank of China and Santander fund PV modules
中行力拓第三方市場合作
中国信保承保意大利电力首批项目探索中外共同开发第三国市场新模式
The Ituverava solar plant: biodiversity, a resource for the community
Ituverava Solar Plant
ENEL GREEN POWER STARTS CONSTRUCTION OF NEW SOLAR POWER PLANT IN BRAZIL
Enel Green Power Brasil Participações Ltda.’s Financing Ituverava Solar Park
Enel S.p.A. Base Prospectus dated November 20, 2017
Influence of the Solar Power Plant on the Diversity of Mammals: A Case Study in Northeastern Brazil Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.