Enel secures €600M facility to fund renewables projects in Latin America

Enel SpA secured an up to €600 million multicurrency facility from European Investment Bank, backed by a guarantee from Italian export credit agency SACE, to fund investments in Latin America through sustainability-linked financing instruments.

Of the total amount, $130 million has been granted to Enel Green Power Peru SAC to implement nearly 300 MW of wind and solar projects in Peru. The remainder of the facility will be used to support renewable energy generation and distribution projects in Brazil and Colombia, the company said in an April 11 news release.

"This evolution of sustainable finance will support long-term growth and a just transition, not only in Europe but also across Latin America, through a synergy between private and public players that aims to push sustainable development and accelerate the achievement of global sustainability goals, in line with the Paris Agreement and the United Nations' 2030 Agenda," said Enel CFO Alberto De Paoli.

The facility is tied to Enel's ability to achieve its target for direct greenhouse gas emissions, or Scope 1 emissions.