ENEL AGREES WITH EIB AND SACE ON A SYNTHETIC FACILITY IN COLOMBIAN PESOS EQUIVALENT TO USD 300 MILLION FOR INVESTMENTS IN POWER GRIDS AND RENEWABLE ENERGY IN COLOMBIA

The European Investment Bank (EIB)[1], in partnership with Enel and SACE, the Italian insurance and financial group owned by Italy’s Ministry of Economy and Finance, provided Enel Group subsidiary Enel Colombia with a term-loan in the local currency through a synthetic product which neutralizes the exchange rate risk, for a maximum amount in Colombian pesos equivalent to USD 300 million. The loan is backed by a SACE guarantee. Through this facility, aimed at financing the development of renewables and grids in Colombia, Enel, EIB and SACE joined forces to support the energy transition in the country and mitigate the effects of climate change.

This agreement is within the framework of the EU Commission’s Global Gateway Investment Agenda and leverages on SACE’s Internationalization Program. Moreover, it is the first framework loan with the EIB and SACE exclusively dedicated to finance Enel Colombia’s sustainable development, as well as being the first EIB synthetic product with an Enel Group subsidiary.

Specifically, the facility will finance the solar PV plants Guayepo I and II, totaling approximately 486 MW of capacity, as well as the improvement and expansion of the Enel Colombia distribution business, which serves more than 3.7 million customers in Bogota, boosting resilience as well as enabling new connections and e-mobility, in line with the Bogota Region 2030 project.

The agreement builds upon Enel’s longstanding successful collaboration with the EIB and SACE in Latin America which already granted a multi-country, multi-business and multi-currency Sustainability-Linked facility of up to USD 900 million in Latin America to Enel Group’s subsidiaries in the area.

“The agreement with the EIB and SACE is a virtuous example of synergies between the public and private sector and confirms our sustainability commitment,” said Enel CFO Stefano De Angelis. “This partnership adds further value to our business projects through a development strategy focused on renewables and grids, while contributing to accelerate the energy transition as well as the achievement of Sustainable Development Goals (SDGs), in line with our Group’s Strategic Plan, the Paris Agreement and the UN 2030 Agenda.”

"This project, in line with the Global Gateway Investment Agenda, contributes to reducing the infrastructure gap between wealthier and less developed regions of Colombia and increases the participation of renewable energy in the power matrix of the country by incorporating additional solar energy generation capacity. I welcome the opportunity to continue the fruitful cooperation with the Enel Group, which has a longstanding and successful relationship with the EIB and is one of its largest borrowers, and SACE, with whom the EIB has also an extensive relationship in supporting projects inside and outside the EU,” said EIB Vice-President Ioannis Tsakiris.

“We are pleased to be part of this high-impact transaction, which testifies our long-lasting partnership with Enel and the EIB and our strategic vision of long-term growth,” declared Valerio Perinelli, Chief Business Officer at SACE.  “Latin America and Colombia entail a significant opportunity for both the energy transition and the Italian technologies that can support it. Our team in Bogota, where we have inaugurated our office in recent days, will continue to play a role of reference for these projects."