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Overview

China Development Bank provides $56 million loan for 34.5MW Barra dos Coqueiros Wind Farm Project

Commitments (Constant USD, 2023)$60,693,799
Commitment Year•2012Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2012
First repayment (originally scheduled)
Jul 1, 2012
Last repayment (originally scheduled)
Jun 28, 2026

Geospatial footprint

Map overview

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Barra dos Coqueiros Wind Farm is located in the state of Sergipe, Brazil, on the coast about 17 km northeast of Aracaju. Commissioned in 2012, it consists of 23 Sinovel SL 1500/82 wind turbines with a combined nominal capacity of 34.5 MW. More detailed locational information can be found at https://wikimapia.org/26813365/Barra-dos-Coqueiros-Wind-Farm and https://www.openstreetmap.org/relation/9902772

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% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Energen Energias Renováveis S.A. (Energen)

Collateral providers

Joint Venture/Special Purpose Vehicles

  • Energen Energias Renováveis S.A. (Energen)

Private Sector

  • Água Quente Participações Ltda.
  • Statkraft Energias Renováveis S.A.(formerly Desenvix Energias Renovaveis S.A.)

Security / collateral agents

Joint Venture/Special Purpose Vehicles

  • Energen Energias Renováveis S.A. (Energen)

Loan description

China Development Bank provides $56 million loan for 34.5MW Barra dos Coqueiros Wind Farm Project

Grace period•0.5 yearsGrant element•18.5877%Interest rate (t₀)•5.9085%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•14.5 years

Collateral

Statutory lien on the equity stakes of Desenvix Energias Renovaveis and Agua Quente in Energen as well as a statutory lien on Energen's assets and equipment

Narrative

Full Description

Project narrative

In 2012, China Development Bank and Energen Energias Renováveis S.A. (Energen) -- a special purpose vehicle and joint venture of Desenvix Energias Renovaveis (95% ownership stake) and Água Quente Participações Ltda. (5% ownership stake) -- signed a $56 million loan agreement for the construction of the 34.5MW Barra dos Coqueiros wind farm in the state of Sergipe in Brazil. The loan carried a maturity of 14.5 years, a grace period of 6 months, and an annual interest rate of 6-month LIBOR plus a 5.1% margin. It was collateralized against a statutory lien on the equity stakes of Desenvix Energias Renovaveis and Água Quente Participações Ltda. in Energen as well as a statutory lien on Energen's assets and equipment. The Barra dos Coqueiros wind farm consists of 23 wind turbines with an installed capacity of 1.5 MW each. The Barra dos Coqueiros wind farm is located in the municipality of Barra dos Coqueiros on the coast of the state of Sergipe. The wind farm has been fully operational since January 2013.

Staff comments

1. Desenvix Energias Renovaveis was later purchased by Statkraft Energias Renováveis. 2. AidData has estimated the all-in interest rate by adding 5.1% to average 6-month LIBOR in 2012 (0.153%).