The European Investment Bank (EIB) has signed an agreement with Sicredi , a cooperative financial institution operating throughout Brazil, for a €200 million loan to support the installation of solar power on homes, small, and medium-sized businesses.
This will contribute towards Brazil achieving its ten-year national energy expansion plan. Sicredi said that by supporting this low-size market segment, the operation reduces electrical losses and optimises distribution grid usage.
Ricardo Mourinho Félix, Vice President of the EIB, said: “I’m very glad to announce a project that enables private sector investments into renewable energy, reduces carbon emissions and air pollution, and supports additional renewable generation capacity in Brazil. The EIB is a natural partner for Brazil with its ambitious climate agenda. I am proud to see cooperation between Europe and Brazil growing through projects like this.”