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IDB loan to Spanish company Isolux to finance renewable energy and energy infrastructure projects in Latin America

OTHER NEWS AFFECTING PROJECTS & PM

2 January 2013 – The Inter-American Development Bank (IDB) announced on 21 December 2012 that it has approved a $100 million corporate loan to the Spanish engineering and consulting company Isolux to help finance renewable energy and energy infrastructure projects in Latin America. The IDB support helps make up for a shortfall in commercial bank liquidity for project finance.

peru-solar-plantThe loan will support the new Majes and Repartición solar plant projects in Peru, with a total 40MW of installed capacity, which are the first large-scale solar installations in Latin America. In addition to diversifying Peru’s energy matrix, they will reduce 40,000 tons of C02 emissions annually while creating 260 construction jobs.

The loan is also expected to support the new 500 kV Taubate-Nova Iguaçu transmission line that will be located between the states of São Paulo and Rio de Janeiro, Brazil, a region that needs significant reinforcements to its basic transmission network. During construction, the project will employ more than 1,400 workers, 80 percent of them from surrounding communities.

“Not only will the loan strengthen the region’s energy security, but it will also help an international firm continue to build world-class renewable energy and electricity infrastructure in Latin America at a time when the global financial market downturn is making it difficult to mobilize adequate financing,” said Valentina Sequi, IDB project team leader.

The IDB financing was extended for a seven-year term including a grace period of two years.  For more information, go to http://www.iadb.org/en/projects/project-description-title,1303.html?id=RG-L1050

Established in 1959, the Inter-American Development Bank (IDB) is a source of multilateral financing for sustainable economic, social and institutional development in Latin America and the Caribbean.  Of the IDB’s 48 member countries, 22 are non-borrowing, providing capital and with voting representation in the Bank’s governance. The IDB has 26 borrowing member countries. Development in Latin America and the Caribbean boosts trade and investment opportunities for all IDB member countries.  Non-borrowing members also benefit in that only suppliers from member states can provide goods and services for IDB-financed projects.  More information about the IDB is at www.iadb.org.  For more about IDB projects, visit http://www.iadb.org/en/projects/projects,1229.html.

Source: Inter American Development Bank