EIB approves loan of €300m to support renewable energy projects in Brazil

The European Investment Bank (EIB) has agreed to support renewable energy projects in Brazil.

For this, EIB has approved a loan of €300 million to Banco Santander, the Brazilian unit of the Spanish bank.

With this financing, the bank will “install a series of small-scale, self-consumption solar photovoltaic plants across the country.” Its focus will be primarily on rooftops. It has been informed that these plants will have a total capacity of 600MW.

According to EIB, the project aims to encourage buildings and small and medium-sized businesses to adopt solar energy and reduce their reliance on traditional energy sources.

It is also in line with the European Union’s Global Gateway investment strategy which aims to help Brazil achieve its renewable energy goals.

According to Ricardo Mourinho Félix, Vice-President of the EIB, “the project would enable private sector investments in renewable energy, reduce carbon emissions, support additional renewable generation capacity, and combat air pollution in Brazil,” a local report mentioned.

The installation of solar plants is expected to highly contribute to the reduction of carbon emissions in the country.