Banco do Nordeste extends coverage of renewables financing line
Solar panels. Author: Peter Leth. License: Creative Commons, Attribution 2.0 Generic.
The Brazilian Northeast Bank, know as Banco do Nordeste (BNB) announced that in September it will extend the coverage of its FNE Sol credit line for renewable energy projects.
FNE Sol finances all components for centralised, micro and minigeration systems for solar photovoltaic (PV), wind, biomass or small hydropower plants (HPPs) systems and their installations.
Under the new system, residential clients will be able to finance up to 100% of their investment with BNB, if the value doesn't exceed BRL 100,000 (USD 24,180/EUR 20,691), with a payment term of up to eight years.
For legal entities, the funds for distributed generation may also reach 100%, but it depends on several guarantees and factors such as the size and location of the company. The deadlines for payment are up to 12 years, with a grace period of up to one year. In regards to centralised generation, the payment deadlines extend to up to 20 years, with a grace period of up to five years.
From January 2017 to July 2018, BNB has already financed more than BRL 3.9 billion in solar, wind and biomass sources, the bank noted.