Enel Green Power has secured a loan of 2,100 million South African rand (US$172 million) from KfW IPEX-Bank to finance the 111-megawatt wind project Eastern Cape Province, South Africa.
The loan agreement will provide Enel’s wholly-owned subsidiary Enel Green Power RSA with two separate lines of financing, with maturities of 7 and 17 years respectively, bearing an interest rate in line with the market benchmark. Partial credit insurance coverage will be provided by Euler Hermes.
The Gibson Bay wind farm will have 37 turbines with a capacity of 3MW each. Hermes’ institutional role involves supporting German component manufacturers, to which Enel Green Power has turned for plant construction and development.