Overview

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

Commitments (Constant USD, 2023)$134,611,987

Commitment Year•2017Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilOverseas Jurisdiction•ItalySector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2017

Start (actual): Jul 8, 2016

End (actual): Sep 12, 2017

Last repayment: Jul 27, 2033

Geospatial footprint

Map overview

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The project was to participates in $253 million syndicated buyer’s credit loan for 292 MW Nova Olinda B Solar Project, located in Ribeira do Piauí, Brazil. More detailed locational information can be found at: https://www.openstreetmap.org/way/684025522#map=14/-8.2013/-42.5550

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Cofinancing agencies

Private Sector

Banco Santander Río

Receiving agencies

Joint Venture/Special Purpose Vehicles

Enel Green Power Nova Olinda B Solar S.A.

Guarantors

Private Sector

Enel S.p.A.

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

Bank of China contribution to USD 253 million syndicated buyer’s credit loan for 292 MW Nova Olinda B Solar Project

Grant element•36.4918%Interest rate (t₀)•2.47%Interest type•Fixed Interest RateMaturity•16.25 years

Narrative

Full Description

Project narrative

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.

Staff comments

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).