EIB: €600m for Latin American clean energy

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European Investment Bank (EIB) announces a major programme for Peru, Brazil and Columbia, amounting to €600m of financing for clean energy and social impact.

The EIB has announced a deal with Italian insurance firm SACE, and international energy provider Enel, for a €600m programme of sustainable energy investments through sustainability-linked financing.

The collaboration will support the development of renewable energy and energy efficiency programmes in Brazil, Colombia, and Peru, by providing Enel with a sustainability-linked financing framework which foresees a multi-country, multi-business and multi-currency facility backed by a guarantee from SACE.

This is the first EIB-SACE sustainability-linked operation and the bank’s largest ever financing to a private sector entity outside Europe. Projects financed with this facility are expected to generate around 2,307 GWh of clean energy each year, equivalent to the annual consumption of 1.32 million households.

As part of the agreement, Enel Green Power Perú S.A.C., a subsidiary of Enel Group, has been granted funding earmarked to implement wind and solar photovoltaic projects for nearly 300MW in Peru. The remainder of the €600m facility will support the growth of the Enel Group’s sustainable investments in Brazil and Colombia through renewable energy generation and power distribution projects.

Enel CFO, Alberto De Paoli, said: “This evolution of sustainable finance will support long-term growth and a just transition, not only in Europe but also across Latin America, through a synergy between private and public players that aims to push sustainable development and accelerate the achievement of global sustainability goals, in line with the Paris Agreement and the United Nations’ 2030 Agenda.”