Brazil's Norte Energia SA has received the first installment of a US$10.8 billion financing package from the Banco Nacional de Desenvolvimento Economico e Social (BNDES) for the Amazon's Belo Monte hydroelectric project.
The $2.54 billion credit is part of a deal approved by BNDES in November 2012.
Norte Energia says it received a direct deposit of about $1.5 billion this past week, with the remainder being credited to agent Caixa Economica Federal and investment bank BTG Pactual yesterday.
The $13 billion, 11.2-GW Belo Monte hydropower plant is to be located on the Xingu River and will be the world's third largest hydroelectric complex when completed.
