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Overview

China Construction Bank provides BRL 90 million loan to Eneva to add to its cash holdings during economic crisis

Commitments (Constant USD, 2023)$17,995,357
Commitment Year•2020Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilOverseas Jurisdiction•BrazilSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2020
Start (actual)
Apr 24, 2020
End (actual)
Apr 24, 2020
Last repayment (originally scheduled)
Apr 1, 2021

Geospatial footprint

Map overview

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Eneva received a loan from China Construction Bank. Eneva is headquartered in Rio de Janeiro. More detailed locational information can be found at: https://www.openstreetmap.org/way/146216217

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 Commercial Banks

  • China Construction Bank (Brasil) Banco Múltiplo S.A. (CCB Brasil)

Receiving agencies

Private Sector

  • Eneva (Formerly MPX Energia)

Loan desecription

China Construction Bank provides BRL 90 million loan to Eneva to add to its cash holdings during economic crisis

Grant element•0%Interest rate (t₀)•11.8%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In April 2020, China Construction Bank (Brasil) Banco Múltiplo S.A. signed a BRL 90 million short-term loan agreement with Eneva — a power generation company based in Rio de Janeiro, Brazil — to add to its cash holdings during economic crisis triggered by the Covid-19 pandemic. The loan carried a 1 year maturity and an interest rate of CDI plus a 2.5% margin. The loan fully disbursed on April 24, 2020.

Staff comments

1. The China Construction Bank (Brasil) has 45 branches in Brazil and 1 in the Cayman Islands. Its services range from loans, leasing, investment fund management, and others. CCB (Brasil) - Banco Múltiplo S.A. is one of these branches. 2. Eneva (former name: MPX Energia S.A.) is a power generation company based in Rio de Janeiro, Brazil. It is listed at the São Paulo exchange. 3. The Brazilian interbank deposit rate is also known as the CDI rate. 4. AidData has estimated the loan’s all-in interest rate — at the time it was issued — by adding 2.5% to average CDI in April 2020 (9.3%).