Brazil's Minas Gerais Development Bank, know as BDMG, announced on Friday that it is partnering up with local institutions to boost the state's solar sector in the North Sudene mining area.
The agreement was signed with the Brazilian Distributed Generation Association (ABGD), the Sudene Mining Area Municipalities Association (AMANS) and the Sudene Mining Area Intermunicipal Multifinalitarian Consortium (CIMAMS).
Effective for 24 months, the pact envisages attracting institutional and financial support for the photovoltaic (PV) sector of the region. Its purpose is to stimulate the installation of micro distributed generation (DG) solar systems.
Last year, BDMG tripled its disbursement for PV projects compared to 2018, reaching BRL 53 million (USD 10.9m/EUR 9.7m).