Brazilian gas and electricity company Eneva SA has secured a loan to finance the development and construction of the 870 MW Futura 1 solar photovoltaic (PV) project.
Under the terms of the agreement, local lender Banco do Nordeste do Brasil SA, also known as BNB, will pay SPE Futura 4 Geracao e Comercializacao de Energia Solar BRL 300 million through its FNE line of credit, Eneva said last week ($58.3 million/€56.9 million).
Located in the state of Bahia, Futura 1 is scheduled to enter commercial operation in the fourth quarter of 2022.
BNB has a loan term of 24 years with an 18-month grace period on interest and principal, at a cost of the National Consumer Price Index (IPCA) plus a contractual compliance bonus of 3.49% per annum.
The company noted that the latest agreement complements a BRL 450 million loan signed with BNB in 2021, also used for the financing of Futura 1.