Pan American Energy Launches Wind Project in Brazil with Innovative Financing

Written by Corporativo

Published on 02/01/2024 at 15:16

Updated on 02/01/2024 at 15:17

Foto: Sâmara Ibañez.

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Promising Start in the Brazilian Renewable Energy Market

Pan American Energy, globally recognized in the energy sector, celebrates a significant milestone in Brazil with the successful completion of financial structuring amounting to R$ 1.1 billion. This investment, aimed at the Novo Horizonte Wind Complex in Bahia, symbolizes the company’s debut in Brazilian territory. This project, which promises to supply nearly one million residents, serves as Pan American Energy’s entry into the Brazilian energy market, following its successful operations in Argentina, Mexico, Bolivia, Uruguay, and Paraguay.

Innovative Financial Strategy

The financial strategy adopted for this project, involving BNDES and Banco do Nordeste (BNB), stands out for its innovation. With financial advisory from Santander Brasil and collaboration from Bradesco and Banco do Brasil, Pan American Energy secured long-term financing based on medium-term power contracts. This approach offers significant strategic flexibility for the company, as emphasized by Ricardo Lee from Santander Brasil.

The financing model adopted is particularly noteworthy for its non-recourse structure, avoiding burdening the project’s shareholder balance sheet with corporate guarantees. Such an approach, focused on rigorous supplier assessment, revenue predictability, and proper risk allocation, is widely used in the international landscape.

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Contribution to the Energy Transition

With Brazil presenting considerable potential for sustainable energy sources, Pan American Energy sees an opportunity to significantly contribute to the energy transition in the country. Enrique Lusso, Vice President of International Developments for the company in Brazil, highlights the company’s commitment to investments and expertise in renewable energy. Currently, the wind complex is already 80% complete, with operations expected to commence in the first quarter of 2024, reinforcing the supply of clean and renewable energy in Brazil.

The project not only promises an installed capacity of 423 MW and annual generation of over 2,000 GWh but also created more than 2,600 jobs during peak construction. In addition to the wind turbines, an 80-kilometer transmission line, a 500 kV substation, and improvements to logistical access have been built.

Protagonism in the Green Economy

Pan American Energy, operating in several Latin American countries, now aims at Brazil to consolidate its role in the energy transition, prioritizing renewable energy projects. This initiative aligns with Santander’s global commitment to mobilize € 220 billion by 2030 to support the transition to a green economy, in addition to its goal of achieving net zero carbon emissions by 2050 across the group.

In Brazil, Santander has already played a fundamental role in the financial structuring of approximately 18 GW of renewable energy, with investments exceeding R$ 80 billion, reinforcing its commitment to sustainability and the goals of the Paris Agreement on climate change.

In summary, the arrival of Pan American Energy in Brazil with the Novo Horizonte Wind Complex marks not only a significant advancement in the company’s presence in the Brazilian energy market but also an important step towards sustainability and innovation in the renewable energy sector. This project, combined with the innovative financial strategy and focus on clean energy, positions the company as a leader in the transition to a greener and more sustainable economy.

Source: Sâmara Ibañez.

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Pan American Energy Launches Wind Project in Brazil with Innovative Financing

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