Italian renewable energy firm Enel Green Power (EGP) has signed a ZAR2,100m (€160m) loan agreement with KfW IPEX-Bank for the 111MW Gibson Bay wind farm in South Africa.

The first loan to be granted by KfW IPEX-Bank to the group and is supported by partial credit insurance from German export credit agency Euler Hermes.

Enel has secured the loan via its wholly-owned subsidiary Enel Green Power RSA (EGP RSA).

The financing agreement offers EGP RSA two separate lines of credit which are expected to mature after seven and 17 years respectively.

Located in Eastern Cape Province in the country, the farm will be equipped with 37 wind turbines.

Each installed turbines at the facility will have the capacity to generate 3MW of renewable power.

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Enel had won the project from the Ministry of Energy in South Africa during third round of project bidding for renewable energy.

Once operational, the firm is expected to have a yearly generation capacity of around 420GWh.