BNDES To Fund BRL 600 Million For Irapuru Solar Complex

The Irapuru Solar Complex has received a funding of R$600 million from the Brazilian Development Bank (BNDES). Irapuru has 422 MWp of solar capacity, spread across 7 parks in Minas Gerais. With this funding, the existing Janaúba Solar Complex, located in Janaúba, Minas Gerais, will be increasing its installed capacity to 1.6 GWp.

BNDES will be providing 50% of the total investment through 2 primary channels: BRL 400 million from the National Climate Fund and BRL 200 million via Finem. The financing agreement will be signed with Irapuru Holding SA, the parent company of the 7 Special Purpose Entities (SPEs) overseeing the Complex.

Scheduled for completion in 2025, the Irapuru project will be spread across 800 hectares and will have an installation of 750,000 bifacial solar modules. This will also include the installation of a transformer in the restricted and shared use transmission system of the Janaúba Solar Complex. Currently, the project is approximately 70% completed. On completion, it will power 1.9 million homes and will generate 1,000 direct jobs and 4,000 indirect jobs.

President of BNDES, Aloizio Mercadante, said, “In addition to being a relevant investment to advance the energy transition process, which is one of the priorities of the Lula government, avoiding the emission of 38,391.69 tons of CO2, the Irapuru Solar Complex should generate R$5 million in increased income in the region and its implementation reaffirms the role of BNDES as a global leader in financing renewable energy, according to Bloomberg NEF.”