Apodi Solar L/C signed
A club of banks have provided a BRL477.4 million ($144.8 million) four-year letter of credit as a guarantee to backstop a loan from Banco do Nordeste (BNB) to the 235MW Apodi Solar project in Brazil. The deal signed on 8 March with the guarantee provided by ING Bank, Banco Santander, BNP Paribas, Bradesco and ABN Amro.
Apodi is sponsored by Scatec Solar (43.75%), Statoil (43.75%) and ApodiPar (12.5%), which are putting a combined BRL187.4 million of equity into the scheme. The collateral package for the L/C includes all rights under the project’s PPAs, EPC contracts, as well as a pledge/lien over all shares and equipment.
The project is located in the municipality of Quixere, Ceara State, and is fully-permitted with grid connection. The asset holds a 20-year power purchase agreement (PPA) with CCEE, awarded in 2015 at an auction organised by the Brazilian government, with an inflation adjusted offtake price equivalent to 104 $/MWh in 2017.
