LATAM SUSTAINABLE POWER GENERATION FL

Promoter – Financial Intermediary

EDP RENOVAVEIS SA

Location

• Brazil
• Mexico

Description

A framework loan to support the development of renewable energy projects in Brazil and Mexico, promoted by Energias De Portugal Renováveis (EDPR).

Objectives

The project aims at financing climate change mitigation projects in the areas of renewable energy and energy efficiency in Brazil and Mexico. The operation is eligible under the Bank's Climate Action and Environment Facility 2014-2020 and it will contribute to the Bank's climate action lending objectives. The renewable energy projects are expected to positively impact the domestic economies through job creation and fuel import bill reduction, while improving energy security and reducing energy prices. The operation supports clean, renewable energy generation in Brazil and Mexico in line with the UN Sustainable Development Goals (SDGs) of ensuring access to affordable, reliable, sustainable and modern energy for all (SDG 7) and taking urgent action to combat climate change and its impacts (SDG 13).

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 700 million

Environmental aspects

The environmental impact assessment procedures carried out to date and the environmental management plans, including the mitigation measures to be applied during construction and operation and any potential residual gaps ensuing from the start of works, will be assessed in light of the Bank's Environmental and Social Standards.

Procurement

The EIB's Private Sector Procurement Guidelines will be followed for the project.

Status

Signed - 18/06/2019