Bank of China participates in $253 million syndicated buyer’s credit loan for 292 MW Nova Olinda B Solar Project

In May 2017, the Milan Branch of Bank of China and Santander issued a $253 million syndicated buyer’s credit loan to Enel Green Power Nova Olinda B Solar S.A. — a special purpose vehicle and subsidiary of Enel Green Power Brasil Participações Ltda. (“EGPB”) — for the 292 MW Nova Olinda B Solar Project. The loan carried an interest rate of 2.47% and a maturity of 16.25 years (final maturity date: August 2033). It was backed by credit insurance policy from Sinosure and a corporate repayment guarantee from Enel S.p.A. The purpose of this $300 million project was to construct a 292 MW solar power plant in Ribeira do Piauí in Brazil's north-eastern state of Piauí. Construction began on or around July 8, 2016. The power plant went into operation on September 12, 2017.

Additional details

1. The Chinese project title is 意大利安能集團巴西太陽能電站項目 and EGP Nova Olinda B Solar项目. 2. The size of Bank of China’s contribution to the loan syndicate is unknown. For the time being, AidData assume equal contributions ($126.5 million) from the two members of the loan syndicate. 3. The 292 MW Nova Olinda B Solar Power Plant is supported by a 20-year power purchase agreement (PPA) with the Brazilian Chamber of Commercialisation of Electric Energy (Câmara de Comercialização da Energia Elétrica, CCEE).

Number of official sources

1

Number of total sources

12