The BRICS New Development Bank, covering Brazil, Russia, India, China, and South Africa, has approved its first funding for renewable energy projects confirming that a total of $811 million will be directed to banks and institutions in the bloc.
Brazil’s development bank, ‘Banco Nacional de Desenvolvimento Economico e Social’, is slated to receive $300 million, the largest amount of funding so far, and the credit line will be used for setting up 600 MW of renewable energy capacity.Other beneficiaries of the fund include:
- India’s Canara Bank, which will receive $250 million with $75 million earmarked for 500 MW of renewable energy projects.
- South African electricity public utility Eskom which will receive $180 million of funding to go towards upgrading its transmission network and the implementation of renewable energy projects with a total capacity 500 MW.
- Shanghai Lingang Hongbo New Energy Development in China, will also receive $81 million to finance a 100 MW rooftop solar power project.
Providing capital to support solutions to the world’s most pressing challenges in different sectors of the economy should be paramount to all stakeholders, today.