$288 M for Brazil’s renewable energy project

Brazil: The International Finance Corporation (IFC) is providing a $288 M 15-year loan to UTE GNA I Geração de Energia (GNA I) for the development, construction and operation of an integrated liquefied natural gas to power (LNG-to-power) facility in Porto de Açu, Brazil.

The GNA I project, expected to start commercial operation in 2021, consists of an integrated 1.3 GW combined cycle gas turbine (CCGT) based-fired power plant, an LNG import marine terminal, a transmission line, and the expansion of an existing substation. The plant will be linked to Brazil’s electrical grid. The project is part of the largest LNG-to-power complex in Latin America, and is being built by GNA at Port of Açu. IFC’s investment in GNA I will support the diversification of Brazil’s energy matrix, enhancing system resilience, promoting energy security, and contributing to reliable and affordable energy.

Hydropower plants account for approximately 70 % of Brazil’s installed generation capacity, and long droughts in recent years have highlighted the need for a more flexible and reliable mix of energy generation sources. GNA I is designed to dispatch the plant during the dry season and when the system needs it the most, allowing for the replenishment of the hydro reservoirs while promoting further penetration of renewable sources of energy such as solar and wind.

Source: ESI Africa