This builds upon the partnership between the Italian renewables company and the public-private finance institution, begun with the development of the recently-completed Palo Viejo hydro plant in Guatemala
Rome, December 17th, 2012 Two of Enel Green Powers renewable energy projects in Costa Rica and Mexico will receive the financial support of Simest, the public-private finance institution which promotes the international development of Italian enterprises.
The two projects are the Chucas hydroelectric plant in Costa Rica, which will have a 50 MW capacity and the Bii Nee Stipa II wind farm in Mexico, with a total installed capacity of 74 MW.
Simests participation in the capital of both projects, totalling 10 million euros, will ensure that Enel Green Power will have access to interest rate support provided by Simest.
These new projects are further examples of the partnership between Enel Green Power and Simest, following the operation, finalized in the first half of 2010, for the development of the Palo Viejo hydroelectric plant in Guatemala, which entered service in the first quarter of this year.
We are pleased to continue our fruitful partnership with Simest, with whom we are pursuing projects that are able to generate significant benefits in terms of economic development while protecting the environment, declared Francesco Starace, CEO of Enel Green Power. The projects that we are undertaking are further evidence of our desire to expand in the Latin American renewables sector, where we already boast a strong presence, as well as our strategy to make use of debt financing for projects in development, rather than draw upon the cash flows generated by EGP, only when this arrangement enhances the projects or when the financing is offered at particularly advantageous conditions.
We take great satisfaction, commented Massimo DAiuto, CEO of SIMEST, in contributing to a project of this magnitude and in having provided support in the past to the project in Guatemala, which will give Enel Green Power the opportunity to expand further in this area. The renewable energy sector indeed represents an important part of our activities and, over the last 3 years, it has experienced major growth. Right now we have approved participation in 16 projects by renewable companies in 11 different countries, particularly in Central America, Italy and the USA, for a total investment of 1,134 million euros.
SIMEST was set up as a limited company in 1991 to promote foreign investment by Italian companies and to provide technical and financial support for investment projects. Since November 2012, it is controlled by Cassa Depositi e Prestiti; its private-sector shareholders include banks and trade associations.
SIMEST can acquire equity participations up to 49% of the equity capital of foreign firms, both directly and through a Venture Capital Fund (Governmental Fund managed by SIMEST) to support foreign investment in countries outside the European Union. Since 2011 SIMEST can acquire stakes of up to 49% in Italian companies and/or their EU subsidiaries that develop investments in production and in innovation and research at market terms without support.
SIMEST manages governmental facilities for internationalization and provides assistance and advisory services on investment projects for the optimization of their economic, financial (funding activities) and legal aspects.
Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe and the Americas. The company generated 22.5 billion kWh in 2011 from water, sun, wind and the Earths heat - enough to meet the energy needs of more than 8 million households and avoid the emission of over 16 million tonnes of CO2 into the atmosphere. Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. The Company has an installed capacity of over 7,700 MW from a mix of sources including wind, solar, hydroelectric, geothermal and biomass. Currently, EGP has some 700 operational plants in 16 countries in Europe and the Americas.
In Latin America, Enel Green Power runs renewable energy plants in Mexico, Costa Rica, Guatemala, Panama, Chile and Brazil for a total installed capacity of 901 MW. The company is currently building three plants in Brazil for a total installed capacity of 90 MW and has a 24 MW wind power plant in Costa Rica and two wind plants, totalling 144 MW, in Mexico. With its century-long experience in the field of geothermal energy, Enel Green Power is developing new opportunities in this sector. In Chile, in particular, the company is exploring several concessions for a potential capacity exceeding 100 MW.
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