Brasil Solaire to build new solar panel factory to assist access to state loans

A Brazilian manufacturer of rooftop solar installations has ploughed €2.9 million into a new solar panel factory to enable customers to qualify for government subsidies that are available for PV installations which use at least 60% domestic components.

Brasil Solaire will complete the facility in the northeastern city of Joao Pessoa in December. The factory will be able to produce 300,000 solar panels a year, and will also make inverters to convert the DC power produced by the panels into the AC power required for the grid.

Brazil’s Banco Nacional de Desenvolvimento Economico & Social (BNDES) offers loans to homeowners that install rooftop solar systems that comprise locally produced equipment. ”We can meet that requirement with this factory,” Nelson Silveira, Brasil Solaire’s president, told Bloomberg. ”BNDES offers loans with annual interest rates of 6% compared to 13 or 14% for loans from commercial banks.”

Brasil Solaire will not only build the plant but also four months of inventory reserves to ensure customers can reap immediate benefits. The factory will be Brazil’s second – the country’s first began production at the end of 2011, and is owned by Tecnometal Equipamentos Ltda.