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World Bank buys into 49.3 MW Brazil project
1 February 2006
The International Finance Corporation (IFC), the private sector arm of The World Bank Group, will make a $5.5 million equity investment in renewables company Energias Renováveis do Brasil (Enerbrasil) to build and maintain a 49.3 MW wind plant located in the northeast of Brazil. Enerbrasil is a wholly-owned Brazilian subsidiary of Iberdrola Energías Renovables, the wind project development division of Spanish utility Iberdrola. The Rio do Fogo wind farm, scheduled to come online in June, is to be the first large scale wind power project to enter commercial operation in Brazil, according to the IFC. Enerbrasil will sell its output to Brazil's state-controlled electricity utility, Eletrobrás, under a 20-year power purchase agreement. "IFC's financing to Enerbrasil fits our strategy to support infrastructure and to promote renewable energy development, which is a priority area for the government of Brazil," says Atul Mehta, IFC's director for Latin America and Caribbean. Wobben Windpower, the Brazilian offshoot of Germany's Enercon, is building the project.
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