Proparco signed a €90 million loan to Enel Green Power to finance the 254MW Ituverava photovoltaic Solar Power plant in Brazil
Proparco signed a €90 million loan (BRL 342 million) to Enel Green Power to finance the 254MW Ituverava photovoltaic solar power plant. This solar park, South America’s second largest, is located in the municipality of Tabocas do Brejo Velho in the State of Bahia and will be able to generate over 550GWh a year.
A great step towards diversification of Brazil’s energy sources and climate commitments
Brazil’s current energy mix relies greatly on large hydropower plants, particularly vulnerable to the severe droughts Brazil has encountered over the past few years. Harnessing Brazil’s great solar potential is key to diversifying the country’s energy mix, therefore increasing resilience to such adverse climatic events, especially in a context of growing energy needs from the Brazilian economy and population, and to moving towards fulfilling Brazil’s commitments within the 2015 Paris Agreement.
Photo: Ituverava photovoltaic solar power plant in Brazil (credit: Enel Green Power)
Proparco’s commitment to the development of renewable energies in Brazil
This signature took place as Proparco is celebrating its 40th anniversary. Since it opened its regional office for South America in São Paulo in 2007, Proparco has committed over €950 million towards economic, social and environmental projects in the region.
This is Proparco’s fourth intervention for renewable energies in Brazil after a €40 million loan to Brennand Energia in 2011 and a €30 million loan granted in 2013 to Grupo Electra to finance the construction of small and medium-size hydro power plants (these two loans amount to a total of 271MW of installed capacity) and a €15 million private equity investment in Voltalia in 2016 for the construction of 500MW of wind energy capacity.