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The French Total Eren, a Leader in Renewable Energy, Secured R$ 423 million from BNB to Finance Two Wind Farms in the Northeast.
The renewable energy producer, which has the oil company Total as a shareholder, announced yesterday (11/26) that it secured a million-dollar financing for the construction of two wind farms in the Northeast, through the issuance of long-term debt with a maturity of 22 years. Odebrecht Loses Legal Battle for Control of Atvos, One of Brazil’s Largest Ethanol Producers
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The long-term financing of R$ 423 million (US$ 76 million) provided by the Banco do Nordeste (BNB) was used to finance Total Eren’s 160 MW wind portfolio currently under construction in the state of Rio Grande do Norte. Of this amount, R$ 241 million was allocated to the Terra Santa wind farm and R$ 182 million to Maral.
The Banco Nordeste acted as the sole lender for the transaction. Three commercial banks active in Brazil, namely Sumitomo Mitsui Banking, Banco do Brasil, and Banco Santander provided a limited/non-recourse letter of credit. The total investment cost of the Terra Santa and Maral complex amounts to R$ 825 million (~US$ 148 million).
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The Terra Santa wind farm (92.3 MW) and the Maral wind farm (67.5 MW) have 20-year power purchase agreements (PPAs) and are expected to enter service in mid-2021. Upon completion, they will generate 720 GWh per year, enough to supply the needs of approximately 400,000 Brazilian households.
The two wind farms will contribute to a low-carbon environment in Brazil and boost socioeconomic development by generating around 900 jobs in the Northeast during construction and 16 during operation and maintenance.
About Total Eren’s Renewable Energy Projects in the Northeast
Operating in Brazil since 2013, Total Eren aims to provide competitive renewable energy to public and private clients. In addition to Terra Santa and Maral, Total Eren has three photovoltaic solar plants in operation in Brazil: Dracena (90MWp), BJL 11 (25MWp), and BJL 4 (25MWp). All of them benefit from a 20-year PPA signed with the CCEE (Electric Energy Trading Chamber).
Laurence Juin, CFO of Total Eren, commented: “We are pleased to have finalized the financing of our first wind projects in Brazil, Terra Santa and Maral. I thank our financial partners: Banco do Nordeste, Sumitomo Mitsui Banking, Banco do Brasil, and Banco Santander, as well as our teams for the excellent work in making this transaction happen despite the current context related to the COVID-19 pandemic. Looking to the future, we are confident that we will be able to increase our presence in Brazil and the development of new renewable energy projects in the country in the coming years.”
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