Brazil’s BNDES will invest $117 million for wind farms construction

A logo of Brazilian National Development Bank (BNDES) is seen during a swearing-in ceremony of the bank’s new president, in Rio de Janeiro, Brazil, January 8, 2019. REUTERS/Sergio Moraes

RIO DE JANEIRO, Feb 2 (Reuters) – Brazilian state development bank BNDES said on Wednesday it will finance up to $117 million (655 million reais) for the construction of seven wind farms in the northern state of Bahia.

Located in the Ventos de São Vítor Wind Complex in the semi-arid area of the state, BNDES said the investment is part of its plan to stimulate the development of the wind turbine supply chain in Brazil.

Together, the seven plants will have an installed capacity of 235 megawatts, compared with 465 megawatts for the complex as a whole, and are expected to enter full commercial operation by the end of 2022, according to the bank.

The BNDES funds will go to entities controlled by Essentia Energia, the renewable energy platform of the infrastructure fund managed by Pátria Investimentos.

The financing will come from BNDES Finem, a program supported by the bank that aims to acquire 38 national wind turbines.

Reporting by Marta Nogueira; Writing by Carolina Pulice; Editing by Roberto Samora and Leslie Adler

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