BNDES okays loan for 1.5 GW of wind, solar projects in Brazil

Brazil's National Development Bank (BNDES) has approved a BRL-3.5-billion (USD 655.8m/EUR 624.6m) loan to support the development of 1.5 GW of wind and solar projects in Bahia and Minas Gerais states.

The projects to be backed by BNDES are the 846-MW Serra do Assurua and the 423-MW Novo Horizonte wind complexes as well as the Boa Sorte solar photovoltaic (PV) complex. They require a total investment of BRL 10.6 billion.

Serra do Assurua is owned by French energy major Engie SA (EPA:ENGI) and will feature 24 wind parks with a total of 188 turbines supplied by Denmark's Vestas Wind Systems A/S (CPH:VWS). Commissioning is expected to start in July 2024 and progress gradually until June 2025.

Oil and gas company Pan American Energy LLC (PAE) is behind the Novo Horizonte wind scheme, while Latin America-focused Atlas Renewable Energy is in charge of the Boa Sorte solar project, which will be comprised of 778,000 solar panels divided between eight PV farms. Operation is set to begin in January 2025.

Together the trio will be able to produce enough clean electricity to meet the demand of around 2.6 million homes, BNDES noted.

(BRL 1.0 = USD 0.187/EUR 0.178)

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