Banco Votorantim and Banco Santander have closed a R400 million ($225.8 million) holding company loan for Brazilian renewables developer SIIF Energies do Brasil. The subordinated debt package indicates that even when developers can access cheap project-level debt from Brazil’s state-owned lenders they may still require additional financial products from commercial banks operating in the country.
The eight-year financing is the first of its type and came about because of the tangled recent history of the developer. SIIF do Brasil was once owned by EDF, which pursued renewable projects in emerging markets under the SIIF brand name, but has since consolidated its activities in the sector under the EDF Energies Nouvelles brand. It has also shown a greater preference of late for developed markets.
SIIF, like most Brazilian developers, struggled for years to get its project in a financeable shape despite, or perhaps because of, the Brazilian incentive...
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