Renewable

March 12 (Renewables Now) - The Superintendency for the Development of the Northeast (Sudene), a Brazilian governmental agency, has completed the first step in the process to potentially grant a loan for a 163.5-MW photovoltaic (PV) project promoted by Lightsource BP.

Specifically, Sudene approved the prior consultation for five 32.7-MW projects -- Milagres I, II, III, IV and V -- that would form a solar farm complex in Brazil's northeastern state of Ceara.

The approval is the first step for the PV schemes to be able to receive financing from the north-east development fund, FDNE. With an estimated investment of BRL 141 million (USD 25.5m/EUR 21.4m) per project, Lightsource BP could potentially get the fund's support in the amount of BRL 84.5 million for each, the Brazilian government said.

In January, it was revealed that the BP Plc (LON:BP) backed solar power business intends to develop 467 MW of solar projects in Ceara. The company met with the state government to work out the details of the BRL-1.4-billion investment aimed at building a 202-MW PV plant in Milagres and a 265-MW one in Ico.

(BRL 1.0 = USD 0.181/EUR 0.151)