The European Investment Bank (EIB) will lend 150 million euros (about 165.3 million dollars) to EDPR Brazil, the local subsidiary of Portuguese EDP Renováveis ??to support the development of solar and wind plants in Brazil. This institutional credit will contribute to the companys business plan in Brazil, a country in which it has been present since the last decade and in which its ongoing project will allow EDPR to produce around 1.8 TWh per year of clean energy until 2023.
According to the company in a press release, the construction of the plants will contribute to the creation of 1900 jobs during the execution phase. However, no more information has been provided about the facilities or their location within the country.
Through this framework loan, the Bank will grant a loan of 150 million euros to EDPR Brazil, which in turn will distribute the funds to a series of photovoltaic and wind power plants in Brazil. EDPR can also acquire long-term senior debt from other financial institutions to secure all the resources necessary for the project.
The EIB began its operations in Latin America in 1993. Since then, the EIB has supported almost 120 projects with a total financing of some 8,400 million euros (9,258 million dollars), distributed in 14 different countries.
In 2018, the EIB intensified its contribution to sustainable development and the fight against climate change in Latin America by providing 640 million euros (705.3 million dollars) to finance 15 operations: this is the largest number of EIB operations structured in One year in the region.
The EIB is the long-term financing institution of the European Union, owned by its Member States, which provides long-term financing for solid investments in order to contribute to the objectives of EU policy.
As the largest multilateral funding provider for projects to combat climate change, the EIB intends to devote at least 25% of its investments to climate change mitigation and adaptation, and at least 35% outside from the EU, to support growth with low carbon emissions and climate resistance.
In 2018, the European Investment Bank exceeded its objective of financing the fight against climate change for the ninth consecutive year by contributing 16.2 billion euros to promote action against climate change, representing 29% of its total activity. One of the EIBs priorit