Renova Gets $459 Million Loan From Brazil for Wind Farm

June 5, 2014 by  
Filed under Green Energy News

Renova Energia SA (RNEW11), a Brazilian
renewable energy company, got a 1.04 billion-real ($459 million)
loan from the BNDES development bank for a wind power project.

The 16-year loan to subsidiary Renova Eolica has a six-month grace period after the Alto Sertão II wind project starts
operating in Brazil’s Bahia state, the Sao Paulo-based company
said in a regulatory filing last night. The loan was approved by
Renova on May 29 and by BNDES on June 3.

Renova, which is controlled by Cia. Energetica de Minas
Gerais
, or Cemig, is building the 386.1-megawatt Alto Sertao II
complex after winning contracts to sell energy in government
auctions in 2010 and 2011. The company already has a complex of
wind farms known as Alto Sertao I, which can produce 293.6
megawatts. The company has a total capacity of 1 gigawatt for
wind energy.

A BNDES official said that the loan is part of the bank’s
program called Special Agency for Industrial Financing, known as
Finame, which requires companies that borrow money to buy their
equipment from local producers. The official asked not to be
identified by name because of the bank’s policy and didn’t
provide any more details.

Renova didn’t immediately respond to a request for comment.

To contact the reporter on this story:
Vanessa Dezem in Sao Paulo at
vdezem@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jessica Brice

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