Brazil to receive USD-300m loan to back renewables
Wind and solar together. Author: Gerry Machen.
Brazil will receive a USD-300-million (EUR 275.3m) loan from the New Development Bank (NDB) and the National Development Bank (BNDES) for renewable energy investments, the Ministry of Planning said on Wednesday.
The loan is expected to enable investments in 600 MW of new renewable energy capacity. It will have a 12-year term and a grace period of 3.5 years. BNDES will on-lend a portion of the sum.
The loan is outlined in a memorandum of understanding (MoU) that was signed on Wednesday by BNDES, the NDB and the Financial Fund for the Development of the Countries of the River Plate Basin (Fonplata).
The NDB is a multilateral development bank created by members of the BRICS bloc of countries -- Brazil, Russia, India, China and South Africa.