Solar farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.
Brazilian lender Banco do Nordeste do Brasil SA (BVMF:BNBR3), also known as BNB, has approved a BRL-429-million (USD 80.2m/EUR 77.8m) loan to support the construction of the 213-MW Caldeirao 2 (CG2) solar complex in northeast Brazil.
The financing was given under the bank's FNE credit line to local developer Grupo Ibitu Energias Renovaveis SA. It represents 56% of the total investment needed for the complex, BNB said on Friday.
Ibitu Energias will provide an additional BRL 334 million needed for CG2.
Located in the municipality of Caldeirao Grande do Piaui, in Piaui state, the solar complex will consist of seven plants. One of them is already operational and two more are scheduled for commissioning by the end of the month.
In addition to CG2, the company owns the 189-MW Caldeirao Grande I wind power complex in Piaui state. Based in Chapada do Araripe, in the state's countryside, the wind asset features 70 turbines and has been in operation since August 2017.