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Brazil

Brazil

KfW hands BNDES $335m for wind development

BRAZIL: German development bank KfW has signed an agreement to make a $335 million loan to its Brazilian counterpart BNDES for the financing of wind projects.

Brazilian wind power has exploded in recent years partly due to support from BNDES
Brazilian wind power has exploded in recent years partly due to support from BNDES

The money will be put towards developments in Brazil, by Brazilian companies, the banks said. Included in the deal is a counter investment of the same amount by BNDES.

While the banks did not specify the capacity of the projects that it expects to fund through this deal, they did say the money could be used to construct wind farms that could power three million homes.

This is the second time that KfW has made the Brazilian bank a loan in order to support wind projects. In 2009, a similar agreement was signed for $136 million that has been used to support four wind farms with a total capacity of 120MW.

This new loan agreement is part of a strategic cooperation between the Brazilian and German governments in the energy sector under a deal signed in 2008.

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