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EIB and EDPR Support Development Of Renewable Energy in Brazil

Power News - Published on Mon, 09 Sep 2019

Image Source: edpr.com
The European Investment Bank will facilitate EUR 150 million to EDPR Brazil, the local subsidiary of EDP Renovaveis a global leader in the renewable energy sector, to support the development of wind and solar power generation plants in Brazil. This institutional credit will contribute to foster the company’s business plan in Brazil, a country where it has been present for the past decade and where its project pipeline will enable EDPR to produce nearly 1,8 TWh a year of clean energy by 2023.

Thanks to the EIB support, Brazil will be able to lower its CO2 emissions while accelerating the transition towards a cleaner energy mix, in line with the environmental objectives established at COP21. Moreover, the construction of wind and solar plants will positively affect the country’s economy, reducing energy and fuel import costs while improving energy security and creating employment. In particular, the overall investments supported by the EIB will contribute to create 1,900 jobs during the implementation phase.

This operation, eligible under the Climate Action and Environmental Facility highlights the EIB efforts to finance Climate Action outside the European Union, contributing to the EU’s renewable energy and environmental policies. This project will foster the production of clean and renewable energy in line with the UN Sustainable Development Goals which ensure access to affordable, reliable, sustainable and modern energy while fighting climate change.

At the signature event that took place in Madrid, EIB Vice-President Emma Navarro, responsible for EIB operations in Latin America and for the Bank’s climate action, said: “Climate change is one of the biggest threats to the future of our planet and we need to join forces to tackle it. Today, we are taking a very important step forward in our commitment to support sustainable and inclusive economic growth in Latin America. Thanks to this project, the EU Bank is boosting wind and solar power generation in Brazil and therefore contributing to the fight against climate change. Supporting clean and renewable energy, thus helping to reduce CO2 emissions, is a key priority for the EIB in Brazil and in the whole region.”

EDPR CEO, Mr Joao Manso Neto, pointed out that “this credit line will help us to continue with our establishment in Brazil, a country in the midst of a transition towards a more environmentally friendly energy mix. In addition to this, we feel especially motivated by the endorsement of an institution of the EIB’s weight, as it supports not only our business line, but all our contribution to progress and development”.

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Posted By : Rabi Wangkhem on Mon, 09 Sep 2019
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