BNDES approves US$426mn MPX credit

Bnamericas Published: Thursday, December 06, 2012
Brazil's national development bank BNDES has approved an 888mn-real (US$426mn) loan for the construction of MPX's 676MW Parnaíba 1 thermoelectric plant, the Rio-based company said in a note. MPX has been given a 14-year repayment term with a grace period of six months until after the start of the plant's operation. The package comprises three direct loans of US$204mn, US$671mn and US$12.2mn. "The overall investment in the project will comprise 30% of our own capital and 70% credit," the note said. The plant forms part of MPX's 3.72GW Parnaíba thermoelectric complex in Brazil's northeastern state of Maranhão. MPX, a subsidiary of Eike Batitas's EBX mining and energy empire, has a 70% stake in the facility with the balance held by Petra Energia. Gas for the plant will be supplied from the Parnaíba basin's Gavião Real and Gavião Azul fields, operated by MPX's sister company OGX. The facility, which is awaiting approval to begin testing, is scheduled to start commercial operations early next year.

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