With the EIB financing of €150 million in, EDPR Brazil said it may seek long-term senior debt from other financial institutions to procure funds required for its onshore wind and solar power plants in the country. Pictured are EIB Vice-President Emma Navarro and EDPR CEO João Manso Neto. (Photo Credit: EDP Renewables)
- EIB has shelled out €150 million to finance the development of solar and wind power plants in Brazil
- The beneficiary of the credit, EDPR will allocate funds to a series of onshore wind and solar power plants in the country
- The proceeds will help the company produce around 1.8 TWh of clean power annually by 2023 through its Brazilian project pipeline
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Portuguese renewable energy company EDP Renewables (EDPR) has secured €150 million ($165.6 million) from the European Investment Bank (EIB) through its Brazilian subsidiary EDPR Brazil to support the development of solar and wind power plants in the Latin American nation. While EDPR does not state the capacity this institutional credit will support, the company shared it will get help in producing close to 1.8 TWh of clean power annually by 2023 through its project pipeline in the country.
EDPR Brazil will allocate the funds to a series of identified onshore wind and solar power plants in the country and may seek long-term senior debt from other financial institutions to procure all funds required for the project, it said.
“This credit line will help us to continue with our establishment in Brazil, a country in the midst of a transition towards a more environmentally friendly energy mix,” explained EDPR CEO João Manso Neto in a short on details press statement. “In addition to this, we feel especially motivated by the endorsement of an institution of the EIB’s weight, as it supports not only our business line, but all our contribution to progress and development.”