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BNDES and the New Development Bank, “the BRICS’ bank,” carry out the 1st disbursement in Brazil

04/18/2018

 The amount of US$ 67.3 million was released to 6 wind energy plants in Piauí and Pernambuco

 This is the largest disbursement of NDB since 2014, when the institution was created by Brazil, Russia, India, China and South Africa

 

The Brazilian Development Bank (BNDES) and the New Development Bank (NDB), known as “the BRICS’ bank,” on Tuesday, 17, carried out the first joint disbursement for a financing operation in Brazil. The release, in the amount of US$ 67.3 million, is the largest ever held by NDB and is part of a contract signed one year ago with BNDES to support renewable energy projects.

The resources will be allocated to 6 wind energy plants in the states of Piauí and Pernambuco. They integrate the Araripe 3 Wind Complex, from the group Casa dos Ventos, consisting of a total of 14 plants, in the municipalities of Simões and Currais Novos (Piauí) and Araripina (Pernambuco). In all, the complex will have an installed capacity of 358 megawatts, through 156 energy-generating turbines. 

Cooperation – BNDES and the New Development Bank (NDB) signed a contract worth US$ 300 million one year ago to support  investments in wind, solar, hydropower (small hydropower plants) and biomass energy generation (biogas and agricultural residues) with NDB funds.

The cooperation is expected to enable investments that will add around 600 MW to the Brazilian generation capacity. BNDES will use the NDB funds to diversify and expand its funding sources and promote its existing credit lines to the alternative power sector, as it already does with funds from other multilateral organizations and official credit agencies.

The Brazilian energy grid, although renewable, has more than 60% of its generation from hydroelectric sources, which tends to be increasingly exposed to the effects of climate change and drought periods. Given this context, the new partnership seeks to promote alternative energy, supporting the diversification of the grid and increasing the security of the system in the future, in order to ensure the supply for all the economic sectors.

About NDB – The New Development Bank (NDB) is a multilateral institution created in 2014 by the countries that make up the BRICS group (Brazil, Russia, India, China and South Africa). NDB aims to mobilize resources for infrastructure projects and sustainable development in BRICS members and other emerging economies and developing countries. The goal is to complement the efforts of other multilateral and regional financial institutions, aiming to promote global growth and development.

 

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