Enel Signs Framework Agreement With Bank Of China And Sinosure
Enel S.p.A., Bank of China Ltd., a leader in the Chinese banking sector as well as the most internationalised and diversified bank in China (not to be confused with People’s Bank of China), and the China Export & Credit Insurance Corporation (“SINOSURE”) have recently signed a non-binding framework agreement to promote the development by Enel Group companies, in particular Enel Green Power, of projects on a world-wide basis with the participation of Chinese companies acting as engineering, procurement and construction contractors and/or suppliers.
The agreement was signed at Bank of China’s head office in Beijing by the Head of Finance and Insurance of the Enel Group, Alessandro Canta, Bank of China’s Deputy General Manager of Corporate Banking Department, Li Mang, and SINOSURE’s Deputy General Manager of Business Development Department, Wang Xu.
Under this framework agreement, Bank of China will provide Enel and its subsidiaries with a financing credit line of up to 1 billion US dollars backed by SINOSURE. The framework agreement, which provides the main terms and conditions of the facilities that can be granted pending its validity, will remain in force for a period of five years, with the possibility of being extended if mutually agreed upon by the parties.