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Norte Energia receives first BNDES credit for 11.2-GW Belo Monte hydroelectric project

Xingu River project model

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.

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