Copel raises $64m for wind build

Brazil's Copel Renováveis has raised R$150m ($64.1m) in promissory notes to help fund the construction of seven wind farms totalling 183.6MW of capacity.

The Paraná state-owned company acquired those projects in August last year and paid a total of R$286.1m for the assets. All seven are located in the northeast state of Rio Grande do Norte.

Copel says the income and the principal of the debt will be paid on 24 June 2014 at an annual rate of CDI (Brazilian Interbank Deposit Certificate Rate) + 0.9%.

Between them the seven wind projects will require a total investment of R$686.5m. Three of them are expected to become operational by July this year, while the remainder will come online by March 2015.

All the energy that will be generated has been sold through 20-years agreements.

In December last year, Copel announced the buy-out of 553MW of wind projects for R$160m from its compatriot Galvão Energia.

Copel Renováveis, a wholly-owned subsidiary of giant utility Copel, was created in the third quarter of 2013 to explore the rapid growth expected for wind power in Brazil in the coming year.

So far Copel has only a single 2.5MW wind project up and running.