WEG, Engie launch residential solar financing programme in Brazil

Brazilian electrical equipment manufacturer WEG SA (BVMF:WEGE3) announced last week it has entered a partnership with a local unit of France’s Engie SA (EPA:ENGI) to create a new solar programme in Santa Catarina state.

The state's federation of industries (FIESC) is also part of the agreement. The goal of the Programa Industria Solar, as it is named, is to facilitate the installation of residential photovoltaic (PV) systems through credit lines with lower interest rates.

The programme only covers at this initial stage employees from the three companies and in other local institutions and companies like Santa Catarina's unit of the National Service for Industrial Training (SENAI) and Brazilian utility Celesc (BVMF:CLSC3).

These companies have together more than 40 thousand employees, thus a great potential for joining PV systems, WEG's Automation Managing Director, Manfred Peter Johann, stated.

During its second phase, scheduled for 2018, the programme will benefit employees from other Santa Catarina companies. It will later expand further.

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