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Enel secures EUR10m financial assistance for Latin American renewable projects

CTBR Staff Writer Published 18 December 2012

Renewable energy developer Enel Green Power has secured financial agreements with Italian financial institution Simest for its clean energy projects in Costa Rica and Mexico.

The projects - 50MW Chucas hydroelectric plant in Costa Rica and 74MW Bii Nee Stipa II wind farm in Mexico will receive €10m from Simest.

Commenting on the developments Enel Green Power CEO Francesco Starace remarked that the projects testify the growing presence of the company in Latin America.

"The projects that we are undertaking are further evidence of our desire to expand in the Latin American renewables sector, where we already boast a strong presence, as well as our strategy to make use of debt financing for projects in development, rather than draw upon the cash flows generated by EGP, only when this arrangement enhances the projects or when the financing is offered at particularly advantageous conditions," said Starace.

The agreement between Enel and Simest follows a similar arrangement for the recently-completed Palo Viejo hydro plant in Guatemala.

Simest CEO Massimo D'Aiuto remained confident on Enel's expansion in the region fueled by the financial institution's monetary support.

"The renewable energy sector indeed represents an important part of our activities and, over the last 3 years, it has experienced major growth.

"Right now we have approved participation in 16 projects by renewable companies in 11 different countries, particularly in Central America, Italy and the USA, for a total investment of 1,134 million euros," added D'Aiuto.