January 24 (Renewables Now) - SPIC Brasil, a unit of China’s State Power Investment Corporation (SPIC), has secured BRL 282.2 million (USD 54.4m/EUR 50m) in financing for the construction of a portion of a 105-MW wind complex in northeastern Brazil.
The company agreed the loan with Brazilian bank Banco do Nordeste do Brasil SA (BVMF:BNBR3), also known as BNB, SPIC Brasil said.
The loan has a term of 24 years at a cost of the National Consumer Price Index (IPCA) plus 3.68% per annum. It will fund the construction of Pedra de Amolar I, II and Paraiso Farol II, all to be located in Rio Grande do Norte state.
The wind complex also includes the Paraiso Farol III wind park and the financing for it is currently under analysis as it has another credit modality. SPIC Brasil noted that more than 20% of the resources employed in the wind complex will come from its own coffers.
At present, the company has close to 1 GW of installed capacity in Brazil’s northeast, including a 738-MW solar portfolio it is installing with Canadian Solar Inc (NASDAQ:CSIQ).
(BRL 1.0 = USD 0.193/EUR 0.177)