Enel secures funding from EIB for green investments in Latin America

Enel has secured funding from the European Investment Bank for green investments in Latin America.

The company secured financing of total €600m from the bank's development branch EIB-Global. It was backed by a guarantee from Italian financial insurance company Sace.

According to the company, "Enel Green Power Peru has been granted $130m (€119m) through the facility to implement wind and solar projects totalling almost 300MW."

It has been reported that the remainder of the facility will boost the growth of company’s sustainable investments in Brazil and Colombia. It will work through renewable energy generation and power distribution projects.

It has been regarded as bank’s largest financing to a private sector entity outside Europe.

As per a local report, these projects are expected to generate around 2307 gigawatt-hours of clean energy annually. This amount of energy is equivalent to the annual consumption of around 1.32 million households.

EIB vice president Ricardo Mourinho Felix commented, “This new agreement with Enel and Sace is a perfect illustration of how the EIB intends to work through EIB Global, where partnerships are central. It also shows our increased commitment to promoting sustainable and green investments in Brazil, Colombia, and Peru."

Meanwhile, Enel chief financial officer Alberto De Paoli remarked, “Together with EIB and Sace, we are leading the transformation of international private and public finance towards a sustainability-linked approach."

The latest finance is expected to support long-term growth not only in Europe but also across Latin America.

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