The BRICS countries’ New Development Bank has approved $811 million in its first round of loans focused on renewable energy projects in Brazil, China, India and South Africa.
$300 million will be loaned to Brazil’s Banco Nacional de Desenvolvimento Economico e Social to assist the company with building 600 MW of green energy capacity, according to Bloomberg.
China’s Shanghai Lingang Hongbo New Energy Development Co. has also secured a large loan of $81 million for 100 MW of rootop solar.
At present, the loans range between 12 to 20 years.
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