Enel Green Power’s 50MW Chucas hydroelectric project in Costa Rica is to receive financial support from Simest, the public-private finance institution which promotes the international development of Italian enterprises.
Simest’s participation in the capital of the hydro project, as well as the 74MW Bii Nee Stipa II wind farm in Mexico, totals EUR10M, and will ensure that Enel Green Power will have access to interest rate support provided by Simest.
These new projects are further examples of the partnership between Enel Green Power and Simest, following the operation, finalized in the first half of 2010, for the development of the Palo Viejo hydroelectric plant in Guatemala, which entered service in the first quarter of this year.
“We are pleased to continue our fruitful partnership with Simest, with whom we are pursuing projects that are able to generate significant benefits in terms of economic development while protecting the environment," declared Francesco Starace, CEO of Enel Green Power. "The projects that we are undertaking are further evidence of our desire to expand in the Latin American renewables sector, where we already boast a strong presence, as well as our strategy to make use of debt financing for projects in development, rather than draw upon the cash flows generated by EGP, only when this arrangement enhances the projects or when the financing is offered at particularly advantageous conditions."