The BRICS New Development Bank (NDB) has approved $811m of initial loans for projects in renewable energy in four countries. The Brazilian Development Bank says it will receive the lion’s share, worth $300m, to help build 600MW of additional renewable energy capacity. The NDB will also loan $250m to India's Canara Bank with the first tranche of $75m for projects generating 500MW of additional renewables capacity. In a joint statement, Brazil's Ministry of Mines and Energy (MME) said that the new bank would be able to provide financing at low interest rates as well as access to capital markets through its existing credit China’s Shanghai Lingang Hongbo New Energy Development Company will receive $81m for 100MW of rooftop solar power. The loans period is 12-20yrs. Brazil’s Banco Nacional de Desenvolvimento Economico e Social will receive the biggest credit, worth $300 million to help build 600 MW of renewable energy capacity, the New Development Bank said Monday in an e-mail reply to questions. Future plans for Russia are in review.
The BRICS New Development Bank (NDB) has approved $811m of initial loans for projects in renewable energy in four countries. The Brazilian Development Bank says it will receive the lion’s share, worth $300m, to help build 600MW of additional renewable energy capacity. The NDB will also loan $250m to India's Canara Bank with the first tranche of $75m for projects generating 500MW of additional renewables capacity. In a joint statement, Brazil's Ministry of Mines and Energy (MME) said that the new bank would be able to provide financing at low interest rates as well as access to capital markets through its existing credit China’s Shanghai Lingang Hongbo New Energy Development Company will receive $81m for 100MW of rooftop solar power. The loans period is 12-20yrs. Future plans for Russia are in review.