Enel investment loan supports Chilean case for solar growth
Enel Green Power, through its subsidiary Enel Latin America (Cile) Ltda, has finalized a loan agreement with Banco de Credito e Inversiones for 100 million US dollars that will cover a portion of the company's planned investments over the next few years in Chile.
The 5-year loan, which will be disbursed by the end of 2013, carries an interest rate in line with the market benchmark and will be backed by a parent company guarantee from parent company Enel Green Power.
With Deutsche bank releasing a report stating that Chile will potentially be the first major market to achieve grid parity in the first instance there is rapid growth expected for the region. The timing would appear right for the renewable investment from Enel.
Enel Green Power is the Enel Group company dedicated to the development and management of renewable energy sources. The company generated more than 25 billion kWh in 2012 from water, sun, wind and the Earth's heat - enough to meet the energy needs of approximately 10 million households and avoid the emission of over 18 million tonnes of CO2 into the atmosphere.
