BNDES Announces Financing for Largest Solar Energy Complex in Latin America; Over 1,200 Jobs Will Be Created

BNDES Announces Financing for Solar Power Plant Complex in Minas Gerais. Investment Will Be Billion-Dollar in the Region

The National Bank for Economic and Social Development (BNDES) announced that it will finance the implementation of 14 photovoltaic plants for the generation of electricity in the municipality of Janaúba, in Minas Gerais. The solar energy generation project is part of the first phase of the Janaúba complex. 

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With the investment, it is expected that the plants will generate a total of 700 megawatts of clean energy, potentially supplying up to 933 thousand residences. The investment from BNDES is expected to make the Janaúba complex the largest of its kind under construction in the Latin America. 

The financing from BNDES for the 14 Special Purpose Companies (SPE) will be R$ 1.47 billion, which corresponds to 72% of the total investment of R$ 2.04 billion. The investment will occur directly, through BNDES Finem. BNDES discussed the investments on its social media.

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The SPEs have already been named, being called in this sequence: Janaúba I Solar Energy Generation S.A., Janaúba II Solar Energy Generation S.A. up to Janaúba XIV. The plants belong to Elera Renováveis, the energy arm of asset manager Brookfield, from Canada. 

More Details on Where the Financed Money Will Be Invested

The investment from BNDES involves, mainly, the purchase of photovoltaic modules. These panels, which capture solar radiation, also require trackers, a system that directs the angle of the panels in relation to the sun. The money will also be invested in the acquisition of inverters, equipment that stores and distributes the solar energy generated by the panels. 

“The support for the Janaúba Photovoltaic Complex demonstrates BNDES’s commitment to projects that expand the participation of renewable sources in the Brazilian energy matrix. In addition to generating jobs and income in the surrounding area, the project reconciles environmental preservation with the country’s development,” said Petrônio Cançado, director of Credit and Guarantee at BNDES.