KfW lends $335m for Brazil wind

Brazil's national development bank, BNDES, has raised $335m from German counterpart KfW to finance wind power projects under construction by Brazilian companies in the country.

BNDES agreed to make available an equal amount.

It is KfW’s second financing round for Brazilian wind projects. In 2009, it lent $136m to BNDES that it used to fund four projects with combined 119.7MW installed capacity.

The loans to Brazil are part of a wider KfW program to finance projects worldwide that help mitigate climate change.

Separately, BNDES says it has signed a letter of intent with China's Ex-Im Bank and the Chinese Development bank to co-finance power and other infrastructure projects in Brazil.

BNDES is Brazil's main infrastructure financing source and offers loans at below market rates.

In 2013, BNDES disbursed R$3.6bn ($1.6bn) to finance 64 wind projects. Outlays this year for the wind power sector have risen 15% from 2013, with R$6.5bn in total investment.

 

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