CPFL Renováveis, a subsidiary of CPFL Energia Group, has recently signed a US$214 million loan agreement with the Brazilian Development Bank (BNDES), a federal public company associated with the Ministry of Development, Industry, and Trade, for the development of the 231 MW Campo dos Ventos and São Benedito Wind Complexes.
The loan has a 16 year term and the company has already disbursed US$76 million.
In order to facilitate the financial closure, CPFL Renováveis has used a power purchase agreement (PPA) with CPFL Brasil as guarantee. Under the PPA the company will sell 100% of the output of the 231 MW Campo dos Ventos and Sao Benedito wind complexes. CPFL Brasil is allowed to negotiate new power sales contracts with Brazilian special customers, who are potential buyers of between 500 kW and 3 MW of capacity.
Campo dos Ventos and São Benedito complexes suffered a reduction from 254 MW to 231 MW due to the change of the wind turbines. According to the company, the new equipment operates more efficiently, enabling the purchase agreements average energy to be accomplished with a reduced generation capacity.
CPFL Renováveis is a Brazil-based company engaged in the generation of renewable energy. Through its subsidiaries, the company is primarily involved in the operation of hydroelectric power plants, wind power plants, biomass-fired power plants and solar power plant. Currently, their portfolio of projects totals more than 5,000 MW as also 3,453 MW in preparation for construction and development.