Brazil's BNDES authorizes US$650mn loans for 3 renewable energy projects

Brazilian development bank BNDES has approved financing totaling 3.5bn reais (US$650mn) for three renewable energy generation projects.

The wind and solar photovoltaic projects are being developed by Pan American Energy, Atlas Renewable Energy and Engie Brasil Energia. BNDES will provide the loans via its Geração de Energia at a term of 24 years, reported newspaper O Estado de S. Paulo. 

The projects will have a combined installed capacity of 1.5GW.

The Boa Sorte solar complex will receive 1.1bn reais from BNDES and denominated in US dollars.

The project is owned by the Atlas group and Hydro Rein and is being built in Paracatu, Minas Gerais state. The complex will have 778,000 solar panels and is expected to start commercial operations in January 2025.

The bank will also provide 1.5bn reais to the Serra do Assuruá wind complex, which Engie Brasil Energia is constructing in Gentio do Ouro, Bahia state. The complex comprises 24 wind farms with 188 Vestas wind turbines and a total installed capacity of 846MW. Commercial operations will begin gradually between July 2024 and June 2025.

The other 900mn reais will be allocated to eight of the 10 wind farms in the Novo Horizonte wind complex owned by Pan American Energy. Installed capacity will be 423MW and it will also be built in Bahia state.