Brazil’s National Bank for Economic and Social Development (BNDES) is to support Engie’s 434MW Santo Agostinho wind farm complex in the Brazilian region of Rio Grande do Norte.
BNDES will provide R$1.47bn (€233m), corresponding to 64% of the project’s total investment.
Santo Agostinho will comprise 14 wind farms located in the municipalities of Lajes and Pedro Avelino.
Construction of the complex will also employ 900 local workers and another 80 posts will be created after the completion of the works.
BNDES energy superintendent Carla Primavera said: “The BNDES’ support for the project is a good illustration of the Bank’s strategy for the electricity sector, combining investment in renewable sources with the development of the free energy market, which is the environment where consumers committed to ESG targets, competitive renewable energy generators and investors in search of sustainable assets can find themselves, catalysing a virtuous cycle of development of clean energy in Brazil.”
Engie chief executive and investor relations director Eduardo Sattamini said: “Right now, the growth of electricity generation, especially from renewable sources, is fundamental for the future of Brazil.
“The feasibility of this financing is the result of a joint effort and demonstrates the commitment of Engie and BNDES with the country’s development, in a responsible manner and considering the importance of directing resources to accelerate the growth of wind generation and diversify the national energy matrix.”
The financed resources will be used primarily in the acquisition of 70 turbines, which represents a stimulus from the BNDES for the development of the supply chain for this equipment in Brazil.
The other items of the project involve civil works and electro-mechanical supply through an elevator substation and internal medium voltage network.