Italian power company Enel has signed a BRL373m ($115m) loan agreement with Brazilian Development Bank (BNDES) to cover a portion of the investment required to develop the 102MW Apiacas hydropower cluster in Brazil.

The cluster comprises the 45MW Salto Apiacás, 30MW Cabeça de Boi, and 27MW Fazenda power plants, which are located in the state of Mato Grosso in Brazil’s Central-West Region.

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The cluster is capable of producing more than 490GWh of electricity every year. Total energy produced is capable of supplying electricity to more than 200,000 Brazilian homes every year, while reducing approximately 280,000t of carbon emissions annually.

Enel's global renewable energies head Francesco Venturini said: “We are extremely pleased with the outcome of this transaction, which is testament to the solidity of our Brazilian business.

"We have managed to obtain BNDES funding aimed at financing industrial projects and large-scale infrastructure in the country."

“Just one month after Apiacas became fully operational, we have managed to obtain BNDES funding aimed at financing industrial projects and large-scale infrastructure in the country.

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“While we strengthen our leading position in Brazil, we also continue to attract top local and international financing partners, who appreciate the commitment that we have made in a country that is so strategically important to Enel.”

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The cluster features a 1.2MW solar photovoltaic (PV) system, which produces renewable energy in addition to that generated by the hydro plants.

Under the terms of the 20-year term loan agreement, the first installment of BRL293m ($90m) was given after the signing of the agreement. The second BRL80m ($25m) installment will be provided early this year, subject to the fulfilment of conditions precedent customary for this type of transaction.

Enel has invested nearly $287m in the construction of Apiacás. The financing has been provided through the company’s own sources, as well as the loan from BNDES.