BBVA funds Enel's renewable energy projects in Latin AmericaJanuary 17, 2014
BBVA, via its Corporate & Investment Banking division, has granted both loans of $150 million each to the subsidiaries of Enel Green Power (EGP) in Chile and Mexico to fund their renewable energy businesses in Latin America.
The loans have a maturity of five years and are backed by the Italian parent company through two $180 million guarantees issued in favor of BBVA.
EGP Chile will use part of its loan to fund two projects added recently to its grid, the Talinay
and Valle de los Vientos 90MW wind farms. The loan will also help the construction of the Taltal
wind farm which, with 99MW of capacity, will be the country's largest. The Chilean subsidiary is also building solar plants and intends to initiate geothermal production in the future.
Meanwhile, Enel's Mexican subsidiary has turned to BBVA Bancomer again. In June last year, it
took out a $100 million loan to support its business in the country, where it has 144MW of installed wind capacity.