New Development Bank greenlights $811 million for renewable energy in member countries

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The BRICS countries’ New Development Bank has greenlit $811 million in its first round of loans aimed at renewable energy projects in Brazil, China, India and South Africa.

Brazil’s Banco Nacional de Desenvolvimento Economico e Social secured the biggest loan — a $300 million credit line to help build 600 MW of green energy capacity, Bloomberg reported on Monday, citing information from the New Development Bank.

As pv magazine reported last week, the bank will also provide $250 million to India’s Canara Bank, $75 million of which is slated for 500 MW of renewable energy development.

Launched in Shanghai last year by Brazil, Russia, India, China and South Africa, the New Development Bank has made clean energy a primary focus.

South African public utility Eskom received a $180 million credit line for electrical infrastructure upgrades, including power lines that can transmit 670 MW and transform 500 MW of renewable energy generation, according to Bloomberg.

China’s Shanghai Lingang Hongbo New Energy Development Co. likewise secured an $81 million loan for 100 MW of rooftop solar.

The loans range between 12 to 20 years.

The bank is currently reviewing loans for Russia.