Funding secured for Brazilian wind farm project
Mar 30, 2017 – Brazilian renewable energy firm Rio Energy has received R$848M ($270M) in financing to build eight wind farms in the Serra da Babilonia Complex in Bahia state.
The financing agreements were signed with Brazil’s National Bank for Economic and Social Development (BNDES).
The project will include 95 Wobben E‐92 wind turbines, offering a total installed capacity of 223MW. The BNDES funding will also be used for the construction of road access, a substation, and a transmission line.
Rio Energy CEO and co-founder, Marcos Meireles, said: “The Serra da Babilonia complex will bring Rio Energy close to 500 MW in operation, a result that strengthens Brazilian wind power generation and creates social and economic development opportunities for the region.”
The project is expected to lead to the creation of about 1,400 direct and indirect jobs, and begin commercial operations in November 2018.
Rio Energy was formed by private equity firm Denham Capital in 2012.