BNDES agrees $323m loan for 371MW Iberdrola wind complex in Brazil

Brazilian development bank BNDES has approved a loan of about BRL1.3 billion ($322.9 million) to support 370.8MW of wind projects developed by Iberdrola.

The financing will cover 12 out of 15 wind farms together with their respective transmission systems. The facilities, located in the municipalities of Santa Luzia, Sao Jose do Sabugi, Sao Mamede and Areia de Baraunas in Paraiba state, are owned by individual special purpose entities under Iberdrola's Brazilian unit Neoenergia SA.

BNDES' loan covers 80% of the total project investment of BRL1.6 billion. The 12 parks are capable of generating enough power to meet the demand of 840,000 homes, with commissioning expected to happen in 2022.