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11.12.2010 08:24
© Enel Green Power
Enel Green Power SpA (“EGP”) and the European Investment Bank (“EIB”) signed an agreement whereby EIB will grant EGP a loan of 440 million euros. The loan may be increased by further agreement of the parties up to 600 million euros in order to help finance EGP’s plan to expand its operations in Italy. EGP is the Enel Group company dedicated to the management and development of renewable energy. The 20-year loan carries an interest rate well below the market benchmarks since it is also fully secured by Enel SpA.
More specifically, the EIB loan will help finance the installation of 840 MW in new renewables generation capacity by wind and photovoltaic plants. EGP plans to invest a total of around 1,300 million euros in this project. For EGP this operation is part of the growth strategy outlined in its 2010-2014 business plan, which calls for significantly expanding installed capacity from its current level of about 5.9 GW to 9.2 GW, with a capex of 5.2 billion euros. EGP plans to pursue balanced growth in all of the technologies it currently uses (hydroelectric, wind, geothermal, solar and biomass) and the EIB loan will help make the financial structure of these wind and photovoltaic projects more competitive.
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