Bank of China participates in $111 million syndicated buyer’s credit loan for 254 MW Ituverava Solar Plant Project

Project narrative

In May 2017, the Milan Branch of Bank of China and Santander issued a $111 million syndicated buyer’s credit loan to EGP Ituverava Norte Solar S.A. — a special purpose vehicle and subsidiary of Enel Green Power Brasil Participações Ltda. (“EGPB”) — for the 254 MW Ituverava Solar Plant Project. The loan carried an interest rate of 2.12% and a maturity of 14.5 years (final maturity date: December 2031). It was backed by $145 million credit insurance policy from Sinosure and a corporate repayment guarantee from Enel S.p.A. The purpose of this $400 million project was to construct a 254 MW solar power plant near Tabocas do Brejo Velho, a town known for its vast bamboo plantations some 800 kilometers from Salvador, the capital of the state of Bahia. Construction began on or around December 28, 2015. The power plant went into operation on September 18, 2017. It is now one of the largest solar power plants in South America and covers an area of 579 hectares, equivalent to 700 soccer fields. Its 850,000 solar panels are capable of generating 550 GWh a year, a quantity of energy sufficient to meet the needs of around 268,000 households, thereby avoiding the emission of 318,000 metric tons of CO2 a year.