The Brazilian government said yesterday it intends to launch a BRL 20 billion (USD 6.5bn/EUR 6bn) investment fund to help expand by 8,000 MW the renewable energy generation capacity in the northeast.

The fund, which will mainly back wind and solar projects, should be ready in the upcoming days, said the energy minister Eduardo Braga at the Senate’s Committee on Infrastructure Services conference.

The proposal was structured by BNDESPar, a subsidiary of the National Social and Economic Development Bank (BNDES), and is formed with public and private resources. Federal utility Chesf will hold a stake of 49% in the fund, while the other 51% will come from large investors.

“This is the first time we succeeded in making a closed investment fund in which Chesf offers leverage,” commented the minister. Braga said he will take the finance expansion programme proposal to President Dilma Rousseff as soon as possible.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has over a decade of solar industry research, marketing, and content strategy experience.

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