A 20-year loan agreement has been signed by Enel, through certain special purpose vehicles, with the BNDES.

As part of the agreement, the first installment of BRL293m ($90m) was provided to the firm upon signing the deal. Enel will receive the second installment of BRL80m ($25m) in early 2017.

Enel Global Renewable Energies head Francesco Venturini said: “Just one month after Apiacas became fully operational, we have managed to obtain BNDES funding aimed at financing industrial projects and large-scale infrastructure in the country.

"While we strengthen our leading position in Brazil, we also continue to attract top local and international financing partners, who appreciate the commitment that we have made in a country that is so strategically important to Enel.”

Enel said it has invested approximately $287m in the construction of the Apiacás complex which is located in the state of Mato Grosso.

The hydropower complex comprises three power plants including the 45MW Salto Apiacas, the 30MW Cabeca de Boi and the 27MW Fazenda facility. Additionally, the complex features a 1.2MW solar photovoltaic (PV) system.

Capable of generating more than 490 GWh per year required to power more than 200,000 households annually, the Apiacás project avoids about 280,000 tons of CO2 emission.

Power generated from the complex will be sold to a pool of distribution companies operating in Brazil’s regulated market under 30-year power purchase agreements (PPA).