Brazil's BNDES OKs $130m for Actis' 180MW Morrinhos

Brazil's National Development Bank BNDES has approved R$494m ($130m) in long-term loans for the 180MW Morrinhos wind complex in the northeastern state of Bahia.

Morrinhos is made up of six 30MW wind farms owned by local developers Atlantic Energias Renováveis (80%) and Casa Dos Ventos (20%).

The partners sold power from the projects in the A-5 auction in 2011 and the A-3 auction of 2013.

Atlantic is the renewable energy investment platform in Brazil of private equity fund Actis.

The six projects are being built with 2MW Gamesa turbines and are expected to start commercial operations in January 2016.

In line with BNDES' new approach to incentivise innovative financing mechanisms in the country, the approval of the long-term loan took into account Morrinhos' owners' decision to sell local infrastructure bonds to finance part of the project.