Italian energy firm Enel Green Power has secured a $100m loan from Brazilain bank Itaú Unibanco to support more than 260MW of windpower constructions in Brazil.

The power firm has signed the ten-year term loan agreement through its Brazilian subsidiary Enel Brazil.

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Arranged by World Bank Group member, the International Finance Corporation (IFC), the loan follows the $200 credit deal closed by Enel with IFC in May.

Enel intends to use the capital to cover parts of its investments for wind energy projects in the states of Bahia, Pernambuco and Rio Grande do Norte in north-eastern parts of Brazil.

"It is testament to Enel Green Power’s solid business model and financial strength that we are able to attract top-quality financing partners such as Itaú and IFC, as we continue to build on our position in Brazil."

Enel Green Power chief financial officer Giulio Carone said: "It is testament to Enel Green Power’s solid business model and financial strength that we are able to attract top-quality financing partners such as Itaú and IFC, as we continue to build on our position in Brazil.

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"In this country we have reached nearly 300MW of installed wind and hydro capacity, and have been recently awarded with more than 450MW from wind and solar in two auctions in a row.

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"This is in addition to more than 300MW of projects already in execution across all three technologies."

Itaú Unibanco’s corporate and investment bank, Itaú BBA head of project finance for the power sector Marcelo Girão said: "Through the combination of Itaú’s experience in project finance and our close partnership with IFC, we successfully concluded another important renewable energy financing, which is one of our target sectors to support in Brazil."

Energy