The Colombian arm of Italian electric utility company Enel said Thursday that it requested up to $300 million in financing from the European Investment Bank (EIB) to develop power grids and renewable energy assets in the country.
The loan would be denominated in Colombian pesos and backed by the Italian export credit agency Sace, Enel said in a securities filing.
Enel Colombia would use the proceeds to finance the construction of solar PV plants Guayepo I and II, which will have approximately 486 MW of capacity, and to upgrade and expand its distribution business, which serves more than 3.7 million users in Bogotá, EIB said in a separate press release.
The loan’s tenor and other pricing details were not disclosed.
In September last year, Enel Colombia requested up to $300 million from the International Finance Corporation, the private sector division of the World Bank, to fund energy projects.
