December 22 (Renewables Now) - The Brazilian and German development banks, BNDES and KfW, signed on Wednesday a USD-141.72-million (EUR 119.58m) credit line to support renewable energy projects across the Latin American country.
The funds will be used to finance projects relying on solar, wind, biomass and small hydropower sources. Energy efficiency schemes such as public lighting, and cogeneration projects can benefit too. Details on how the funds will be allocated were not currently available.
This credit line supports Brazil's efforts to meet the increasing demand for renewable projects financing, allowing a larger diversification of the country's energy mix, specially in times of scarcity, BNDES said.
The cooperation will be part of the German Climate Technology Initiative (DKTI), managed by the KfW and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), BNDES noted.
(USD 1 = EUR 0.844)