Mayer Brown advises New Development Bank in RMB 1,425 million loan agreement for the Electricity Distribution Infrastructure Modernization Project in São Paulo
London – Mayer Brown has advised New Development Bank (NDB) on a RMB 1,425 million loan agreement with Companhia Paulista de Força e Luz (CPFL Paulista), for the expansion and modernization of CPFL’s power distribution infrastructure, enhancing efficiency and extending electricity access to new households in São Paulo, Brazil.
The project will promote economic and social development through new grid connections. It is expected to provide electricity to over 370,000 future homes and businesses in the State of São Paulo in the coming years. Moreover, by reducing technical losses in the electricity distribution grid, the project will improve energy efficiency and lead to economic savings for the end-users of energy.
This transaction marks NDB’s first non-sovereign loan in Brazil’s electricity sector and CPFL’s first RMB-denominated transaction. The project represents growing collaboration between NDB’s member countries, and this loan demonstrates NDB’s commitment to expanding non-sovereign and local currency operations as well as increasing cross border use of its member countries’ currencies, as enshrined in NDB’s General Strategy.
The team included Banking & Finance partners Ash McDermott (London) and Eduardo Lima (São Paulo) and associates James England (London) and Beatriz Lavigne (São Paulo).
