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07.15.08
» BNDES accredits Bradesco to transfer
PROESCO funds
BNDES management approved authorization for Banco Bradesco
S.A to be the Accredited Financial Institution, under the
Financial Support Facility for Energy Efficiency Projects -
PROESCO. The program was designed by BNDES in 2006 to
promote greater efficiency to the Brazilian energy sector.
The approval makes Bradesco a partner for financing
operations for this loan facility, making it the accredited
financial institution for funds intended to be assigned to
the program. So far, only Banco do Brasil and Itaú had
adhered to the partnership with BNDES, to transfer the funds
intended to the beneficiaries of PROESCO.
PROESCO provides support to energy saving projects and is
intended to state-run or private companies hoding equipment
and procedure deployment projects focused on greater energy
efficiency.
As the main Brazilian economic development agency, funding
several economic sectors, BNDES’s mission includes boosting
energy efficiency in Brazil.
PROESCO’S project financing line is divided into three types:
Risk shared by BNDES and accredited financial institutions;
indirect operation, where the accredited financial
institution is fully liable to bear the financial amount and
the credit risks; and direct operation (performed directly
with BNDES).
In shared risk operations, BNDES may bear up to 80% of the
operation’s risk, and the accredited financial institutions
must bear at least 20%. In this case, the beneficiary will
be charged a special spread due to risk assumption, of 3%
p.a. The accredited financial institutions must require as a
collateral for the financing arrangements the guaranty from
the majority shareholders of the Empresa de Serviços de
Conservação de Energia (ESCO) and the pledge of its credit
rights arising from ESCO’s service agreement with its client.
This facility is under contract with Banco Bradesco S.A., to
repay the funds provided for the development of the project,
as BNDES does not have a network of agencies serving all
states.
PROESCO funds studies, works and equipment with six-year
maturities, including the grace period of up to two years at
the cost of Long-Term Interest Rate (TJLP) plus a spread
percentage.
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