Neoenergia secures US$ 221m loan from EIB for 715.5 MW of renewable projects in Brazil

• Brazilian power utility business Neoenergia has signed a EUR200 million (US$ 221 million) loan from the European Investment Bank (EIB) to fund 715.5 MW of renewable projects in Brazil.

The EIB loan will allow Neoenergia to develop a solar power plant in the northeast area of Otis along with assistance a PV plant in the state of Paraíba with a power generation capacity of 149MW.

The staying 566.5 MW of power generation will be for different onshore wind farms throughout Chafariz, Paraíba (near the solar PV plant), Piauí and also Bahia.

Mario Ruiz-Tagle, Neoenergia chief executive officer, stated: "We are undergoing a time when investment in the power sector straight impacts a greener future. The financial sector has an essential role in activating the capital required to develop lasting projects, in addition to making certain that the firm's activities are responsible and according to ideal practices within the ESG dimensions."

EIB just recently launched its growth branch, EIB Global and also Ricardo Mourinho Félix, EIB vice-president responsible for Latin America, claimed this will certainly reinforce its activities outside the EU.

"Today's news highlights EIB priorities in Brazil and also Latin America, sustaining a lasting as well as comprehensive economic growth by boosting productive investment," added Mourinho Félix.

This marks the fifth time the EIB has actually accepted Neoenergia over the past decade.

Last February, the EIB supplied a EUR100 million loan to support the enhancement of 430MW of solar PV as well as wind projects in Spain and Portugal.