Gerdau S A (GGB) Q4 2020 Earnings Call Transcript msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Three Danish wind projects in Brazil totalling 94MW have secured a $21m loan through Denmark’s Green Future Fund.
It is the first loan granted by the state-owned Investment Fund for Developing Countries (IFU) under the new fund of a total of $4bn (€3.3bn), established by the Danish government in 2019.
The project has been developed by Nordic Power Partners (a partnership between IFU and European Energy).
European Energy is about to construct the projects in the north-eastern Brazilian state of Pernambuco.
Ouro Branco I & II and Quatro Ventos are expected to become operational end of 2022.
The loan represents close to 20% of the total construction costs.
Advertisement
In the north-eastern Brazilian state of Pernambuco, one of the poorest regions in the country, European Energy is about to build three new wind farms of 94 MW in total. It has become a reality after financing has been secured with a US$21 million loan from the part of Denmark’s Green Future Fund managed by IFU. It is the first loan granted by IFU under the new fund of a total of US$4 billion, established by the Danish government in 2019.
“The objective of Denmark’s Green Future Fund is for the country to contribute to the green transition globally and at the same time promote the sale of Danish climate technology. This project checks all the boxes, as it was developed in Denmark, financed primarily by Danish stakeholders, uses Danish technology from Vestas and contributes to reducing the global carbon footprint”, said Torben Huss, Chief Executive Officer of IFU.
Vestas has picked a 95MW order from European Energy, in partnership with Eólica Tecnologia, for the Ouro Branco and Quatro Ventos wind projects in the Brazilian state of Pernambuco.
The order comprises 21 V150-4.2 MW turbines delivered in 4.5MW Power Optimized Mode with 120m towers together with a ten-year Active Output Management 5000 (AOM 5000) service contract.
Vestas sales director in Brazil Eric Gomes said: European Energy is a valued customer to Vestas globally and we look forward to building upon our existing partnership in Brazil. Both projects will feature our most recent 4MW platform technology, ensuring optimal power production for the local wind conditions and maximum value for our customer’s business case.