BOC (Brazil) provides BRL 2,134,000 loan for 13.5MW Tanque Novo III Wind Power Plant Construction Project

Project narrative

On February 16, 2023, Tanque Novo III Energias Renováveis S.A. — a special purpose vehicle and wholly-owned subsidiary of CGN Brasil Energia e Participações S.A. — signed a BRL 2,134,000 bank credit note (loan) agreement with Bank of China (Brazil) for the 13.5MW Tanque Novo III Wind Power Plant Construction Project. The borrowing terms of the loan included a 1.814 year maturity (final maturity date: December 9, 2024) and an interest rate of CDI plus a 1.2% margin. The purpose of the project was to construct a 13.5MW wind power plant in the Brazilian state of Bahia (exact locational coordinates: -13.5396, -42.5762). The Tanque Novo III Wind Power Plant Construction Project is part of a larger effort to construct the 180MW Tanque Novo wind power complex, which is spread across an area of roughly 30 km (18.64 miles) in the municipalities of Tanque Novo and Caetite. The Tanque Novo wind power complex consists of seven wind parks (power plants) with a total of 40 (GW155-4.5MW permanent magnet direct drive) turbines from Xinjiang Goldwind Technology Co., Ltd. (Goldwind). Upon completion, the complex as a whole was originally expected to generate 720 million kilowatt-hours (kWh) of electricity annually, which would "light up" 430,000 Brazilian households and reduce carbon dioxide emissions by 650,000 tonnes each year. Construction of the Tanque Novo complex as a whole started on November 26, 2021. Transportation of the wind turbine equipment from China began in June 2022, first by ship to the Port of Enseada in Brazil and then hauled 981 kilometers by land to the project site. On March 7, 2023, the last generator equipment arrived on-site, marking the completion of transportation for all the large equipment. The complex as a whole was put into operation on May 5, 2023. An official inauguration ceremony took place on May 30, 2023.