The European Investment Bank (EIB) will provide EUR 100m to Banco de Desenvolvimento de Minas Gerais (BDMG) to support climate action projects in this Brazilian state.
Private companies and also municipalities will be able to benefit from the advantageous financing conditions of the EU bank, both in terms of long tenors and interest rates, to implement projects promoting renewable energy generation and energy efficiency technologies.
EIB funds will be allocated to renewable energy projects, such as small-scale solar photovoltaic plants and run-of-the-river hydropower plants, thus contributing to reducing CO2 emissions in the country. These investments will increase the country’s renewable and clean energy production capacity while securing energy supply.
Part of the EIB financing will also be dedicated to supporting energy efficiency projects, especially in public buildings, street lighting, and industrial facilities. Small businesses wishing to improve their environmental footprint are also eligible to receive EIB funds.
By supporting this project, the EIB is contributing to achievement of the United Nations’ Sustainable Development Goals, ensuring access to affordable, reliable, sustainable and modern energy while fighting climate change.
The different schemes under this programme will be carried out over the next four years, up to 2023, and their implementation is expected to provide jobs for around 700 people.
Original source: EIB
Published on 21 October 2019