Brazil’s BNDES raises $300m from Brics’ New Development Bank for RE

Brazil’s National Development Bank (BNDES) has raised $300m from the New Development Bank (NDB) to finance renewable energy projects, including wind and solar power.

The NDB is a multilateral financial institution created in 2014 and maintained by Brazil, Russia, India, China and South Africa (Brics) in order to help finance infrastructure. 

The BNDES and local entities are committed to raising another $300m as counterpart, the BNDES said.