IDB Invest, IFC finance thermoelectric plant in Brazil
IDB Invest, the private sector institution of the IDB Group, is financing the construction and operation of Porto do Sergipe, a 1,516MW combined cycle thermoelectric plant, in the state of Sergipe, in Brazil.
The financing consists of three loans: one in local currency for up to 664 million Brazilian reais from IDB Invest, a $38 million loan from IDB Invest, and a loan of $50 million mobilised from the China Co-financing Fund for the Private Sector of the Americas.
The operation includes a $200 million loan from the International Finance Corporation and an innovative bond issue for about $1 billion in local currency at a fixed, long-term rate in international markets. The bond issue is guaranteed by Swiss ECA SERV.
The project is developed by Centrais Elétricas de Sergipe SA (CELSE), a company run by EBRASIL of Brazil and Golar Power Ltd.
