The Brazilian Northeast Bank, know as Banco do Nordeste (BNB), announced on Monday that it is financing a 4.5-MW solar photovoltaic (PV) project for agricultural irrigation in Bahia state.
More specifically, the bank will disburse BRL 22.4 million (USD 5.8m/EUR 5.1m) through its FNE Sol credit line to the Manicoba Irrigation District (DIM) located in Juazeiro city. The PV facility will require a total of BRL 24.9 million in investments.
According to BNB's president, Romildo Rolim, the equipment to be acquired has an estimated useful life of more than 20 years, while the financing is expected to be paid out within five years.
Once operational, the Juazeiro project is estimated to benefit 625 rural producers and approximately 2,500 residents of the region when it comes to the pumping of water from the Sao Francisco River.