Project financing at full force in Brazil

Jul 02, 2001 02:00 AM

Project financing is at full force in Brazil, benefiting from the energy crisis ravaging the economy, but also directed to sectors as telecoms, roadways, petrochemicals and sanitary services. The development bank BNDES is to fund up to 80 % of energy generating projects, while the monetary authorities turned more have flexible the investment rules for pension funds that can move into specific purpose association to finance projects.
Petros, the pension fund from Petrobras, may earmark R$ 2 bn to invest in energy related project finance operations. Dresdner Kleinwort Wasserstein expects good performance in its corporate banking business and has 14 projects in the portfolio.

Santander has 5 project finance operations in the portfolio with two energy projects each worth $ 450 mm Sudameris is competing to finance 4 projects worth $ 1.5 bn, of which $ 1 bn from a petrochemicals company. Energy companies are by far the most active in the capitals market as is the case of Cemar (Companhia Eletrica do Maranhao) that issued R$ 300 mm in debentures; Guascor do Brasil stroke a $ 60.9 mm project finance deal to invest in 82 thermal power plants in the Amazon region.

Source: Gazeta Mercantil/SABI
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