Brazil's Northeast Bank to finance 530 MW of wind, solar

Solar array. Author: U.S. Department of Agriculture .

October 23 (Renewables Now) - The Brazilian Northeast Bank (Banco do Nordeste) said Friday it will extend loans of nearly BRL 1.33 billion (USD 413m/EUR 351m) to support the construction of green power projects with a combined capacity of 530.3 MW.

The amount will go to support solar projects of Italy’s Enel SpA (BIT:ENEL) and Apodi Solar, a joint venture between Norway’s Statoil ASA (NYSE:STO) and Scatec Solar ASA in partnership with Brazil's Kroma Energia. It will also help finance two wind farm projects of local utility CPFL Energias Renovaveis SA (BVMF:CPRE3).

More details on the projects being financed are available in the table below.

Owner Type Capacity Finance
Enel projects Solar 350 MW BRL 678.7m
Apodi project 132 MW BRL 477.4m
CPFL projects Wind 48.3 MW BRL 170.1m

These renewable energy projects will be financed through FNE Infraestrutura, a credit line with funds from the Constitutional Financing Fund of the Northeast (FNE). The signing of the contracts with the companies will take place on Tuesday.

(BRL 1 = USD 0.313/EUR 0.266)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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