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Overview

Spic Luxembourg Latin America Renewable Energy Investment Company S.À.R.L. provides $497,235,000 loan to UHE São Simão Energia S.A. for debt refinancing purposes (Linked to Record ID#60193)

Commitments (Constant USD, 2023)$500,365,738
Commitment Year•2018Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilOverseas Jurisdiction•LuxembourgSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2018
Last repayment (originally scheduled)
Oct 24, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned companies

  • Spic Luxembourg Latin America Renewable Energy Investment Company S.À.R.L.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • UHE São Simão Energia S.A.

Loan description

Spic Luxembourg Latin America Renewable Energy Investment Company S.À.R.L. provides $497,235,000 loan to UHE São Simão Energia S.A. for debt refinancing purposes

Grant element•8.1178%Interest rate (t₀)•5.8588%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On November 1, 2018, Spic Luxembourg Latin America Renewable Energy Investment Company S.À.R.L. and UHE São Simão Energia S.A. -- a special purpose vehicle and joint venture that is majority-owned by SPIC Brasil Energia Participações S.A. [51% equity stake] -- signed a $497,235,000 loan agreement for debt refinancing purposes. The loan carries a 5-year maturity (final maturity date: October 24, 2023) and a 5.8588% interest rate. UHE São Simão Energia S.A. is responsible for the São Simão Hydroelectric Power Plant, which is located on the border between the states of Minas Gerais and Goiás, between the municipalities of São Simão (GO) and Santa Vitória (MG).

Staff comments

1. Spic Luxembourg Latin America Renewable Energy Investment Company S.À.R.L. is a wholly-owned subsidiary of State Power Investment Corporation of China (SPIC). 2. SPIC is a Chinese state-owned enterprise. It was the successor of China Power Investment Corporation after it was merged with the State Nuclear Power Technology Corporation (SNPTC) in 2015.