BNDES okays financing for 700-MW Brookfield solar complicated in Brazil

• Brazil's National Advancement Bank (BNDES) has authorized BRL 1.47 billion (USD 277.8 m/EUR 227.5 m) in financing to sustain the building and construction of the 700-MW Janauba solar complex owned by a regional device of Canada's Brookfield Asset Management (TSE: BAM.A).

Situated in Minas Gerais state, the photovoltaic (PV) power facility contains 14 solar ranches. It is the largest of its kind in South America, the bank announced today.

Once operational, Janauba will certainly be able to produce adequate power to satisfy the demand of 933,000 houses.

The money, which corresponds to 72% of the total job expense of BRL 2.04 billion, was provided to Elera Renovaveis, formerly Brookfield Energia Renovavel. It will certainly be utilized to obtain PV modules, trackers as well as inverters, as well as to fund the building and construction helps the substation and the setup of transmission lines to connect Janauba's output to the national grid, BNDES noted.