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ICBC (Brazil) contributes to $8.53 million loan for 36MW Tanque Novo V Wind Power Plant Construction Project
| Funder | ICBC (Brazil) S.A. |
|---|---|
| Recipient Organization | Tanque Novo V Energias Renováveis S.A. |
| Country | Brazil |
| Start Date | Jul 25, 2022 |
| End Date | Jun 12, 2028 |
| Duration | 2,149 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108848 |
Grant Description
ICBC (Panama and Brazil Branches) provides USD 8.53 million loan for 27MW Tanque Novo I Wind Power Plant Construction Project in Brazil in 2022 On July 25, 2022, Tanque Novo V Energias Renováveis S.A. — a special purpose vehicle and wholly-owned subsidiary of CGN Brasil Energia e Participações S.A. — signed a $8.53 million loan agreement for the 36MW Tanque Novo V Wind Power Plant Construction Project.
The financing was jointly provided by ICBC (Brazil) and ICBC Panama Branch.
The purpose of the project was to construct a 36MW wind power plant in the Brazilian state of Bahia (exact locational coordinates: -13.4968, -42.5778).
The Tanque Novo V Wind Power Plant Construction Project was part of a larger effort to construct the 180MW Tanque Novo wind power complex, which is spread across an area of roughly 30 km (18.64 miles) in the municipalities of Tanque Novo and Caetite.
The Tanque Novo wind power complex consists of seven wind parks (power plants) with a total of 40 (GW155-4.5MW permanent magnet direct drive) turbines from Xinjiang Goldwind Technology Co., Ltd. (Goldwind).
Upon completion, the complex as a whole was originally expected to generate 720 million kilowatt-hours (kWh) of electricity annually, which would "light up" 430,000 Brazilian households and reduce carbon dioxide emissions by 650,000 tonnes each year. Construction of the Tanque Novo complex as a whole started on November 26, 2021.
Transportation of the wind turbine equipment from China began in June 2022, first by ship to the Port of Enseada in Brazil and then hauled 981 kilometers by land to the project site.
On March 7, 2023, the last generator equipment arrived on-site, marking the completion of transportation for all the large equipment. The complex as a whole was put into operation on May 5, 2023. An official inauguration ceremony took place on May 30, 2023.
Staff Comments
- The Portuguese project title is Complexo Eólico Tanque Novo.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- The breakdown of financing between ICBC (Brazil) and ICBC Panama Branch is unspecified. For now, AidData assumes equal contributions between the two ICBC banks.
Sources & References
- Demonstrações financeiras em 31 de dezembro de 2022
- Tanque Novo IV Energias Renovaveis S.A.
- New wind power project brings China-Brazil clean energy cooperation to new height
- Estado tem que ser o necessário para induzir desenvolvimento, diz Lula (State has to be what is necessary to induce development, says Lula)
- Individual and Consolidated Financial Statements
- Agencia Nacional De Energia Eletrica
- Agencia Nacional De Energia Eletrica
- Agencia Nacional De Energia Electrica
- Agencia Nacional De Energia Eletrica
- Tanque Novo wind farm
- Brazil's Bahia state cuts ribbon for 180-MW wind complex
- Lighting up 430,000 Brazilian Homes! CGN Brazil Energy's TN Wind Power Project Officially Put into Operation
- Goldwind Technology Renews The Cooperation of Brazil Wind Power Project
- Enseada in Bahia participates in the implementation of the Tanque Novo Wind Project, 2022 Special Report on Green Finance (TCFD) Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Tanque Novo V Energias Renováveis S.A.
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