December 3 (Renewables Now) - The Brazilian Northeast Bank, know as Banco do Nordeste (BNB), announced on Friday that individuals can now access its FNE Sol credit line for residential solar energy projects.
FNE Sol finances all components for centralised, micro and minigeration systems using solar photovoltaic (PV), wind, biomass or small hydropower sources.
Friday's announcement means that residential clients, including condominiums, will be able to finance up to 100% of their investment with BNB, if the value does not exceed BRL 100,000 (USD 25,861/EUR 22,851), with a loan repayment term of up to eight years and a grace period of six months.
As regards to legal entities, the financing for distributed generation may also reach 100%. Deadlines for payment are up to 12 years, with a grace period of up to one year.
For centralised power generation project, the repayment term can be up to 20 years, with a grace period of up to five years, the bank noted.
(BRL 1 = USD 0.26/EUR 0.23)