September 5 (Renewables Now) - The European Investment Bank (EIB) will extend a EUR-150-million (USD 165.8m) credit to the Brazilian unit of EDP Renovaveis SA (ELI:EDPR) to support the company’s development of wind and solar farms in the South American country.
The Madrid-based renewable energy company has a pipeline of Brazilian projects that will allow it to produce close to 1.8 TWh of clean power annually by 2023. With the new credit, it will be able to boost its business plan in Brazil, according to a press release published on Thursday.
The EIB loan will bankroll several onshore wind and solar photovoltaic (PV) farms, but EDPR may seek additional financing from other financial institutions to secure all funds needed for the projects, the statement said.
(EUR 1.0 = USD 1.105)