IFC, a member of the World Bank Group, is providing $200M to Enel Green Power SpA, a world leader in renewable energy, to support construction of over 300 MW of wind power energy capacity in the states of Bahia, Pernambuco and Rio Grande do Norte, in the Northeast of Brazil. IFC's 10 year financing will contribute to meet growing power demand in Brazil through renewable energy solutions. It will also support the development of the Northeast region, contributing to job creation.
"We are pleased to sign this agreement with IFC, the first one between Enel Green Power and a member of the World Bank Group", notes Giulio Carone, Chief Financial Officer of Enel Green Power. "This financing is part of a comprehensive long-term investment plan to increase supply of wind power generation, seeking to support the sustainable growth of energy supply in Brazil".
"IFC is excited to partner with Enel Green Power, a leading company in the global renewable energy industry, to support expansion of their investments in wind power in Brazil", says Hector Gomez Ang, IFC Brazil Country Manager. "This investment helps accelerate development of Brazil's renewable energy sector while also expanding electricity supply at a critical time. Access to reliable power generation from diversified sources is a key component of Brazil's long-term competitiveness and sustainable social and economic growth".
In Brazil, Enel Green Power owns and manages 173 MW of wind capacity and 93 MW of hydro capacity, as well as 331 MW of projects in execution.
IFC's strategy in Brazil is focused on improving the country's competitiveness, supporting job creation, infrastructure development and access to financial services for underserved sectors. IFC's environmental and social standards aim to support sustainable development in various industries in the country.