BNDES, BRICS bank lend USD 156m for wind, solar farms in Brazil

The Brazilian Development Bank, BNDES, announced on Wednesday it has raised USD 156 million (EUR 137.8m) with the New Development Bank (NDB) to support investments in renewable energy projects.

The funding is the final part of the USD-300-million agreement signed between the two institutions in April 2017. This last batch is intended for two projects, also supported by BNDES individually -- the 326.7-MW Campo Largo I wind complex and the 120-MW Pirapora I solar complex.

Campo Largo I received USD 190 million, or USD USD 95 million from each lender, for the implementation of 11 wind farms in Bahia state. The complex is owned by Engie Brasil Energia SA's (BVMF:EGIE3).

Local acting branches of EDF Energies Nouvelles (EDF EN), the renewables arm of EDF SA (EPA:EDF), and Canadian Solar Inc (NASDAQ:CSIQ), hold 80% and 20% of Pirapora, respectively. The photovoltaic (PV) project gathered USD 163 million from the two banks to develop four solar farms in Minas Gerais state. NDB's portion amounts to USD 61 million.

The NDB is a multilateral development bank created by members of the BRICS bloc of countries -- Brazil, Russia, India, China and South Africa.

(USD 1 = EUR 0.88)

Choose your newsletter by Renewables Now. Join for free!