BNDES increases its participation in solar projects

On Monday (03/10), the Brazilian Development Bank (BNDES in portuguese) announced its new funding policy for the electricity sector to give priority to alternative renewable sources. BNDES determined that increase their maximum participation in the financing of solar energy projects to the Long-Term Interest Rate (TJLP) from 70% to 80%, reducing the maximum share in thermal power projects to fossil fuels from 70% to 50 %. The maximum participation of the Bank in the financing of large hydroelectric power plants to the TJLP was also reduced from 70% to 50%. the percentage of 80% was kept for energy efficiency projects and 70% for wind farms, biomass, cogeneration and small hydroelectric plants.

BNDES also announced that it will subscribe up to 50% of the debentures to be issued by credit borrowing firm. According to the Bank, this proposal opens the way for the issuance of infrastructure bonds, whose financing terms are about 10 years.

CEBDS has been working to leverage the financing of renewable energy under the Conselho de Líderes to study ‘financing renewable energy: barriers, challenges and opportunities’. The document contains a number of proposals to improve the access of alternative renewable energy projects in Brazil the various funding sources and presented to the president and board of BNDES in meeting with the CEO’s ‘Conselho de Líderes’ on 15 August. The coordinator of the Thematic Energy and Climate Change Board, Lilia Caiado, says “We are continuing this work together to develop the proposals we have made, including the issuance of green bonds. Furthermore, at the global level, with the project Low Carbon Technology Partnership Initiative, the World Business Council for Sustainable Development has been working the technology group of renewable energy with a focus on finance”.


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