Planned to be built in the municipality of Barra dos Coqueiros, approximately 10km from Aracaju, Sergipe, the power plant is intended to meet the increasing demand for power in the region.
The project is also expected to support the country’s strategy to complement its hydro-based energy system with thermal power, thus creating a more reliable energy supply during dry seasons.
The project is being developed by CELSE, a firm incorporated by the Brazilian Eletricidade do Brasil (EBRASIL) and by Golar Power.
Golar Power is a joint-venture between the Norwegian Golar LNG and the American investment fund Stonepeak Infrastructure Partners.
Goldman Sachs’ bond issue for the project is backed by Swiss export credit agency (ECA), SERV.
GE Energy Financial Services execution leader and global ECA advisory managing director Guto Davies said: “GE has supported the project by securing a landmark financing deal through a leading global investment firm and export credit agency – Goldman Sachs and SERV – in a market first.”
Earlier, GE was selected to supply three GE 7HA gas turbines for the power plant.
GE said that 7HA technology is designed to enable quick response to fluctuations in grid demand and also adapt quickly to weather changes.
Under the engineering procurement and construction contract, the firm will also deliver steam turbine, heat recovery steam generator and transmission technology. It is also responsible for providing operations, maintenance, repairs and digital solutions for the power plant.
CELSE president Eduardo Maranhão, said: “Securing financing for Sergipe I was a fundamental step in advancing the development of the project.”
The Sergipe I project, which is planned to be commissioned in 2020, is also supported by power purchase agreements (PPAs) signed with undisclosed customers.
