OREANDA-NEWS. KfW IPEX-Bank has signed a loan agreement for a total of ZAR 2,100 million (around EUR 160 million) with Enel Green Power SpA ("Enel Green Power"), acting through its wholly-owned subsidiary Enel Green Power RSA (Pty) Ltd ("EGP RSA"). KfW IPEX-Bank is acting as lender, lead arranger and agent, with partial credit insurance coverage provided by Euler Hermes, the German Export Credit Agency.

The loan is the first granted by KfW IPEX-Bank to the Enel Green Power Group. The agreement will provide EGP RSA with two separate lines of financing, with maturities of 7 and 17 years respectively.

The loan will be used to finance the investment in the Gibson Bay wind farm, located in Eastern Cape Province, South Africa. The plant will have 37 turbines with a capacity of 3 MW each, for a total installed capacity of 111 MW and capable of generating about 420 GWh of power a year.

For plant construction and development Enel Green Power has involved several German component manufacturers.