Financial Close Moves Brazilian Wind Forward

BNDES has given the nod to Iberdrola's 49.3 MW Rio do Fogo project up in Rio Grande do Norte, closing financing with 65% in loans, 35% in equity. The PROINFA plan was for 1,100 MW by 2006 - though in the end there will be 100 MW at the most.  One project may not be a big deal, however Brazil's enormous wind resource and future power demand cannot be overlooked.  Iberdrola's flagship project is key to open it up, and other utilities present may look to follow suit in the long term, project by project.