Published 16 May 2014

Enel Green Power and IFC, a member of the World Bank Group, have signed a $200m loan agreement to enhance renewable energy development in Brazil.

The 10-year term loan will be used to support support the construction of the wind power projects totalling over 300MW in the states of Bahia, Pernambuco and Rio Grande do Norte.

Enel Green Power CFO Giulio Carone said, “We are pleased to sign this agreement with IFC, the first one between Enel Green Power and a member of the World Bank Group.”

“This investment is part of a comprehensive long-term investment plan to increase supply of wind power generation, seeking to support the sustainable growth of energy supply in Brazil,” Carone added.

IFC Brazil Country Manager Hector Gomez Ang said, “IFC is excited to partner with Enel Green Power, a leading company in the global renewable energy industry, to support expansion of their investments in wind power in Brazil.”

“This investment helps accelerate development of Brazil’s renewable energy sector while also expanding electricity supply at a critical time,” Ang added.

“Access to reliable power generation from diversified sources is a key component of Brazil’s long-term competitiveness and sustainable social and economic growth.”

Enel Green Power owns and manages about 173MW of wind power plants and 93 MW of hydro plants, with 331MW of projects in execution.