By Brazil Stock Guide – The Brazilian development bank BNDES approved a $71.4 million (about 390 million reais) loan to Sincro Energía del Desierto, the Chilean subsidiary of Alupar Investimento S.A. (BVMF: ALUP11), according to an official statement from the agency. The financing comes through the Exim Post-Shipment credit line and will support exports of equipment produced in Brazil by WEG S.A. (BVMF: WEGE3).
The deal covers the delivery of synchronous condensers, power transformers and auxiliary systems to two new substations in Chile’s Antofagasta and Atacama provinces. Operated by Alupar for 25 years, the Ana María and Illapa facilities are expected to reinforce the reliability of the northern Chilean grid, a region central to the expansion of renewable sources.
“The support of BNDES for Brazilian companies’ exports to international markets is essential to strengthen the domestic industry and job creation in Brazil,” said Aloizio Mercadante, president of BNDES. “It also fulfills the role, under President Lula’s leadership, of ensuring that the country seeks more commercial partners abroad, avoiding unilateral measures that could compromise the economy.”
Luiz Coimbra, Alupar’s investor relations officer, said the credit is aligned with the company’s regional growth strategy. “The BNDES support reinforces Alupar’s strategy to consolidate its regional expansion, as the only 100% Brazilian transmission company developing and operating projects in several Latin American countries,” he said. After consolidating its domestic operations, Alupar expanded into Peru and Colombia and is now reinforcing its position in Chile, returning to a market where it operated successfully between 2005 and 2016.
The creation of Sincro Energía del Desierto followed Alupar’s win in an international public tender in January 2024 to build and operate complementary voltage control services through short-circuit power injections. The project fits Chile’s transition toward renewable energy integration.