Brazil's National Bank of Economic and Social Development, BNDES, has approved funding of up to US$354 million for the construction of the 373-MW Santo Antonio do Jari hydropower project.
BNDES said the credit will be granted to the project's operating consortium, ECE Participacoes, and accounts for about 67% of the plant's $422 million overall price tag.
The Santo Antonio -- not to be confused with a different 3,150 MW hydropower project that shares the same name -- will be located between Almeirim and Jari Orangery in Brazil's northern region.
The project is part Brazil's Growth Acceleration Program (PAC) and will create around 3,800 jobs during its construction, according to BNDES.
The bank said it expects Santo Antonio's first units to be producing power in 2014.
HydroWorld.com reported in November that BNDES had approved a $10.8 billion loan to Norte Energia S.A. for the construction of the 11.2-GW Belo Monte hydropower complex.