As promised, the BRICS New Development Bank has approved its first funding for renewable energy projects.
The BRICS New Development Bank has approved funding for a total of $811 million to banks and institutions in Brazil, India, China, and South Africa. Bank President KV Kamath has repeatedly stated that the first funding from the New Development Bank will go to a renewable energy project.
Brazil’s Banco Nacional de Desenvolvimento Economico e Social will get the largest lending support worth $300 million. The credit line will be used for setting up 600 MW of renewable energy capacity. India’s Canara Bank will receive $250 million, of which $75 million has been earmarked for 500 MW of renewable energy projects.
South Africa’s Eskom Holdings SOC Ltd. will receive funding worth $180 million which will be used for the implementation of transmission and renewable energy projects. Eskom needs to substantially upgrade its transmission network to absorb the rapidly increasing renewable energy capacity. The funding will also be used for the implementation of 500 MW renewable energy capacity.
China’s Shanghai Lingang Hongbo New Energy Development Co. will receive $81 million funding, to finance a 100 MW rooftop solar power project.
The BRICS New Development Bank is expected to approve more funding for renewable energy projects. Demand for renewable energy funding will be very high from all member countries, except Russia. China and India have among the largest renewable energy targets in the world. South Africa and Brazil also have very ambitious renewable energy targets.
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