Brazil development bank finances 29-MW Santa Fe

Energias do Brasil S.A. (EDB) announced Brazil’s development bank has approved long-term financing of EDB’s 29-MW Santa Fe hydroelectric project, being built in Brazil’s Espirito Santo State.

EDB said the board of Banco Nacional de Desenvolvimento Economico e Social (BNDES) approved a loan of 76 million reais (US$35 million) with a maturity of 14 years for repayment and a grace period until 2010. The mode of financing is indirect with pass-through by Banco do Brasil.

EDP subsidiary power producer Energest S.A. was granted a bank financing of 48 million reais (US$22.1 million) for construction of Santa Fe in February 2008. Total estimated investment in Santa Fe is 160 million reais (US$73.7 million).

EDB officials laid the cornerstone for Santa Fe in November 2007. (HNN 11/20/07) Santa Fe was one of 13 small hydro projects that EDB assigned to Enernova, its newly created developer of renewable energy projects, in 2008. (HNN 2/28/08)

Santa Fe’s operating license was granted April 2, with start-up at full capacity set for July. The project sold 16 average MW at 124.99 reais (US$57.58) per megawatt-hour in a 2006 energy auction.

In December, BNDES approved a 900 million reais (US$380.3 million) line of credit to EDB to complement the utility’s 4.6 billion reais (US$1.9 billion) investment program for 2008-2012. (HNN 12/12/08) EDB is to use the funds to finance investment programs of Energest and EDB’s distribution utilities and to construct and repower small hydroelectric projects.

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