BNDES backs Geribatu with $275m

BNDES will provide two-thirds of the finance needed for Geribatu

BNDES will provide two-thirds of the finance needed for Geribatu

The Brazilian Development Bank (BNDES) has approved a R$603.9m ($274.5m) long-term loan for the Geribatu wind complex, located in Brazil’s southernmost state of Rio Grande do Sul.

The project is owned by a joint-venture formed by the private equity fund Rio Bravo (51%) and the state-owned company Eletrosul (49%).

The complex has a total capacity of 258MW and is made up of 10 wind farms, which can deliver power to up 500,000 inhabitants.

Geribatu is slated to become operational by the end of next year using turbines supplied by Spanish manufacturer Gamesa.

BNDES' financing will make up 63.7% of the total investment needed for Geribatu, which is set at R$956.5m.

Geribatu will also issue a R$90m debenture Log in to read complete article.

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