Eneva Announces R$ 300 Million Financing for the Construction of a Solar Power Plant in Bahia

Eneva Intends to Install a Centralized Solar Power Generation Plant in the Juazeiro Region, Bahia, with an Installed Capacity of 870 Megawatts Peak

Last Friday (29th), Eneva – a Brazilian energy company – announced the signing of a long-term financing agreement worth R$ 300 million, between Banco do Nordeste (BNB) and SPF Futura 4 Geração e Comercialização de Energia Solar, through the transfer of resources from the Constitutional Fund for Financing of the Northeast (FNE).

According to Eneva, the resources from the contract complement another raise carried out in 2021, totaling R$ 450 million, by SPE Futura 3 Geração e Comercialização de Energia Solar S.A., SPE Futura 5 Geração e Comercialização de Energia Solar S.A. and SPE Futura 6 Geração e Comercialização de Energia Solar S.A., also in partnership with BNB.

The Contract is for 24 Years, with Commercial Operations Expected to Start in the Fourth Quarter of This Year

Moreover, the contract has a term of 24 years, with a grace period of interest and principal of 18 months and a cost of IPCA + 3.49% per year, considering the contractual compliance bonus. The document was approved by Eneva’s Board of Directors on July 21.

In this regard, the financing aims to support the construction of the Futura 1 Project, which involves a centralized solar power generation plant to be located in the Juazeiro region, Bahia, with an installed capacity of 870 megawatts peak (MWp).

The commercial operation is expected to start in the fourth quarter of this year. The project was developed following the recent acquisition of Focus Energia, through which Eneva inherited three solar plants that together have an approximate capacity of 4 gigawatts peak (GWp).

On the Friday the announcement was made, Eneva’s shares fell by 0.33%, to R$ 15.21. Over the past 365 days, the share price has seen a cumulative devaluation of 7.59%, however, according to consensus estimates obtained by the site Investing.com Brazil, there are opportunities for a 7.30% gain over the next 12 months, reaching R$ 16.32.

Learn More About Eneva

Eneva is an integrated Brazilian energy company operating in the sectors of generation, production and exploration of oil and natural gas and the commercialization of electric energy. It began operations in October 2007.

The company stands out, among other factors, for its natural gas electric power generation. According to data from the National Electric Energy Agency (ANEEL), Eneva’s plants represent 11% of the installed capacity of natural gas in Brazil, making it the largest private company in terms of thermal power in the country.

Among the main ventures of the group are the Parnaíba Thermal Power Complex (natural gas), the Porto do Itaqui Thermal Power Plant (mineral coal), the Tauá Plant (solar energy) and the Pecém II Thermal Power Plant (mineral coal).

Read This Article: Eneva Targets the Energy Transition Market and Creates New Natural Gas Hubs to Market Product as an Alternative to Fuel Oil

The outlook for Brazil this Wednesday (27/07) shows strong movement from energy companies and industrial firms towards the adoption of cleaner and more sustainable energy sources. Thus, Eneva is creating new hubs for the production and commercialization of natural gas, focusing on the energy transition market to position gas as an alternative to fuel oil, contributing to the environment.

Eneva is now focusing on the Brazilian energy transition market and developing new hubs for the production and commercialization of natural gas to boost the national energy and industrial sector. In this way, the company is also investing in the purchase of thermal energy and during the next auction in September will contract 2 GW of the 8 GW of thermal projects required under the Eletrobras Law (Law 14.182/2021).

For more information, access the full article here.