The IFC is to provide $200 million (£143.4m) in financing to help develop, build and operate a thermal power plant in Brazil’s Port of Sergipe.

The plant, which will be owned by Centrais Elétricas de Sergipe, is expected to increase access to reliable and affordable power, boosting the country’s long-term competitiveness and sustainable economic growth.

The project comprises a liquefied natural gas (LNG) terminal, a four-mile natural gas pipeline, a 1.5GW combined-cycle gas turbine power plant and an electricity transmission line.

The plant’s annual electricity generation will be equivalent to approximately one million individual residential consumers and it is expected to help cut about 2.5 million tons of carbon dioxide emissions annually by displacing oil and diesel-fired generation.