Global law firm Norton Rose Fulbright represented Banco Santander, S.A. in the closing of a US$22.3 million ECA-backed loan to Brazilian utility company Eletronuclear for the financing of ongoing feasibility studies for the proposed lifetime extension of its Angra 1 nuclear plant.
Brazil's first nuclear reactor, Angra 1 began operating in 1985 with a capacity of 609MW. Eletronuclear requested a 20-year extension to the plant's operating period, which is currently set to expire in 2024. The loan will be used to continue financing ongoing feasibility studies and upgrades to keep the plant in operation through the extension.
Santander was the sole lender of the loan, which closed on June 8, with a guarantee provided by the Export-Import Bank of the United States.