EIB Global provides Enel Colombia with $300 million
The European Investment Bank (EIB), in partnership with Enel and SACE, the Italian Export Credit Agency, has provided Enel Group subsidiary Enel Colombia with a loan in the local currency, for a maximum amount in Colombian pesos equivalent to $300 million, which through a synthetic product neutralises the exchange rate risk. The loan is backed by a SACE guarantee. Through this facility, aimed at financing the development of power grids and renewable energy generation in Colombia, the EIB, Enel and SACE have joined forces to support the energy transition in the country and mitigate the effects of climate change.
This agreement is in line with the EU Commission’s Global Gateway Investment Agenda, and it is the first EIB framework loan exclusively dedicated to financing Enel Colombia’s sustainable development, as well as being the first EIB synthetic product with an Enel Group subsidiary.
Specifically, the facility will finance the solar PV plants Guayepo I and II, totalling approximately 486 MW of capacity, and the improvement and expansion of the Enel Colombia distribution business, which serves more than 3.7 million customers in Bogota, boosting resilience as well as enabling new connections and e-mobility, in line with the Bogotá Region 2030 project.
The agreement builds upon the EIB’s longstanding successful collaboration with Enel and SACE in Latin America which has already granted a multi-country, multi-business and multi-currency facility of up to $900 million in Latin America to Enel Group’s subsidiaries in the area.
“This project, in line with the Global Gateway Investment Agenda, contributes to reducing the infrastructure gap between wealthier and less developed regions of Colombia and increases the participation of renewable energy in the power matrix of the country by incorporating additional solar energy generation capacity. I welcome the opportunity to continue the fruitful cooperation with the Enel Group, which has a longstanding and successful relationship with the EIB and is one of its largest borrowers, and SACE, with whom the EIB also has an extensive relationship in supporting projects inside and outside the European Union,” said EIB Vice-President Ioannis Tsakiris.
“The agreement with the EIB and SACE is a virtuous example of synergies between the public and private sector and confirms our sustainability commitment,” said Enel CFO Stefano De Angelis. “This partnership adds further value to our business projects through a development strategy focused on renewables and grids, while contributing to accelerate the energy transition as well as the achievement of Sustainable Development Goals (SDGs), in line with our Group’s Strategic Plan, the Paris Agreement and the UN 2030 Agenda.”
“We are pleased to be part of this high-impact transaction, which testifies to our long-lasting partnership with Enel and the EIB and our strategic vision of long-term growth. Latin America and Colombia represent a significant opportunity for both the energy transition and the Italian technologies that can support it. Our team in Bogotá, where we have inaugurated our office in recent days, will continue to play a vital role for these projects,” stated Valerio Perinelli, Chief Business Officer at SACE.
