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China Construction Bank contributes to BRL 15.3 billion syndicated loan for Conta-Covid Project (Linked to Record ID#90964)
| Funder | China Construction Bank (Brasil) Banco Múltiplo S.A. (CCB Brasil) |
|---|---|
| Recipient Organization | Câmara de Comercialização de Energia Elétrica (CCEE) |
| Country | Brazil |
| Start Date | Jun 23, 2020 |
| End Date | Apr 25, 2032 |
| Duration | 4,324 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 95321 |
Grant Description
China Construction Bank and Bank of Communications contributions to BRL 15.3 billion syndicated loan for Conta-Covid Project On June 23, 2020, Câmara de Comercialização de Energia Elétrica (CCEE) — a private, non-profit clearinghouse for Brazil's electricity sector — signed a BRL 15.3 billion ($2.8 billion) syndicated loan agreement with 18 Chinese and non-Chinese banks and financial institutions for the Conta-Covid Project.
Participants in the loan syndicate included Bradesco BBI, Itaú BBA, the Brazilian Development Bank (BNDES), Santander, Banco do Brasil, Credit Suisse, Citibank, Safra, SMBC, Votorantim, Alfa, JP Morgan, Banco Bocom BBM, China Construction Bank (Brasil), BTG and ABC Brasil.
They made the following contributions: Bradesco BBI (BRL 2.9 billion), Itaú BBA (BRL 2.9 billion), BNDES (BRL 2.7 billion), Santander (BRL 2.2 billion), Banco do Brasil (BRL 1.8 billion), Credit Suisse (BRL 254,545,454), Citibank (BRL 254,545,454), Safra (BRL 254,545,454), SMBC (BRL 254,545,454), Votorantim (BRL 254,545,454), Alfa (BRL 254,545,454), JP Morgan (BRL 254,545,454), Banco Bocom BBM (BRL 254,545,454), China Construction Bank (Brasil) (BRL 254,545,454), BTG (BRL 254,545,454), and ABC Brasil (BRL 254,545,454).
The Bank of Communications' contribution is captured via Record ID#90964 and China Construction Bank Corporation's contribution is captured via Record ID#95321.
The loan was scheduled to rapidly disburse between July 2020 and December 2020. It was scheduled for repayment between July 2021 and December 2025.
The loan was secured by (i.e. collateralized against) a fiduciary assignment of credit rights deposited in an account owned by CCEE (known as 'Conta Covid’). The proceeds of the loan were to be distributed by the borrower to 61 electricity distribution companies.
The purpose of the loan was to provide emergency financial (‘bailout’) support to Brazilian power distributors affected by the COVID-19 pandemic. The costs of borrowing were expected to be passed on to consumers through electric bills. The loan fully disbursed. However, no additional implementation details were available as of March 2023.
Staff Comments
- CDI is the interbank rate that is used as a reference to investment returns in Brazil.
- AidData has estimated the all-in interest rate by adding 2.8% plus average CDI in June 2020 (2.62%).
Sources & References
- China-Latin America Finance Database
- Credit Suisse
- BNP may join Brazil's COVID-19 bailout of electric sector -sources
- Brazil makes changes to power sector bailout
- Credit Suisse
- BNP to provide $3.01 bn loan to Brazilian power distributors
- Brazil's bailout for power distributors may reach up to $2.9 bln - regulator
- Brazilian government expects to announce power companies bailout in May- ministry
- Brazil's energy regulator approves $3 bln emergency aid for power companies
- LOAN OF THE YEAR: CCEE
- INFRASTRUCTURE BANK OF THE YEAR - BRAZIL: ITAU BBA
- Aneel aprova contrato de empréstimo de R$ 5,5 bi
- Conta-Covid: crédito emergencial a distribuidoras de energia
- ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020
- Conta-covid terá taxa final de 3,79%+CDI e participação de 16 instituições financeiras
- Custo total da Conta-Covid é confirmado em CDI + 3,79%
- Para compartilhar o conteúdo dessa página, por favor, use o link: https://www.canalenergia.com.br/noticias/53140966/aneel-aprova-contrato-de-operacao-da-conta-covid
- STRUCTURED FINANCING OF THE VEAR: CAMARA DE COMERCIALIZAÇÃO DE ENERGIA ELÉTRICA (CCEE)
- Câmara de Comercialização de Energia Elétrica’s $ 2.791 Billion Loan
- Entenda como a Conta Covid impacta as tarifas de energia
- Governo estuda novo empréstimo às distribuidoras de energia nos moldes da 'Conta Covid' 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.
All Grantees
Câmara de Comercialização de Energia Elétrica (CCEE)
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