The signing of the financing agreement of R $ 1.76 billion with UTE GNA I Power Generation for the implementation of a Liquefied Natural Gas (LNG) thermoelectric plant brought a novelty in financing modeling that could become a benchmark for other projects supported by the BNDES. The thermoelectric plant is one of two units to be built in Porto Açu, in São João da Barra, Norte Fluminense.
The first LNG-fueled thermal plant to be financed by the bank, the project was structured in the corporate finance model in partnership with KfW IPEX-Bank, responsible for financing the international and export projects of the KfW Group, supported by Euler Hermes Aktiengesellschaft, a German export credit agency (ECA). In the proposed modeling, the BNDES enters with the credit and KfW is responsible for the guarantee of the operation.
BNDES ‘director of Infrastructure and Government, Marcos Ferrari, spoke of the novelty of the operation during the signing of the agreement. “It is the first LNG thermoelectric plant the bank is financing in an unprecedented partnership with KfW, where KfW guarantees the operation until the end of the contract. It is also an innovative model because both BNDES and KfW are development banks and we have been working hard for this perfect arrangement, “he said.
BNDES president Dyogo Oliveira recalled that the bank worked throughout the year on flexibilizing products, shortening deadlines, changing processes and operating with KfW is significant in this process. “Today is a historic day because it is the first time we have had a joint operation despite the fact that the institutional relationship with KfW has already begun a long time ago. And more than one operation, what we are building here is a business model that can be used in other operations, “he said.
BNDES participation corresponds to 39% of the total investment of R $ 4.5 billion. In addition to the thermoelectric plant with installed capacity of 1,338.3 MW, the resources will be used to build a LNG import and regasification terminal, as well as a substation and a transmission line, interconnecting the plant to the National Interconnected System (SIN) . The project is part of the largest natural gas thermoelectric complex in Latin America that GNA is building at Porto Açu Port.
“We thank the partners and the BNDES for their trust in GNA. We are building a structuring and transforming project, which today employs more than 1,700 people and will start generating safe energy for the country from 2021 onwards, “said Bernardo Perseke, CEO of GNA.
The power generation potential of the thermoelectric power plant will be enough to supply approximately 3 million households in a region of high electric demand in Brazil. Besides contributing to the development of the local economy, the project brings diversification of the energy matrix, from fuel whose supply can be controlled and predicted by the National Electric System Operator, contributing to the safety of the Brazilian energy system in periods of rainfall .
The choice of location of the plant takes into account the proximity of the oil fields of the Campos, Santos and Espírito Santo basins and to the networks of pipelines and areas available for mooring the ships responsible for the storage and regasification of imported LNG; availability and logistics of raw materials, inputs and manpower; availability of connection to the SIN energy transmission network; and favorable location from the socio-environmental point of view.
Source: Daily Click