The New Development Bank, a multilateral lender formerly known as the Brics Development Bank, will provide $811-million in a first round of loans for clean energy projects in four nations.
Brazil’s Banco Nacional de Desenvolvimento Economico e Social will receive the biggest credit, worth $300-million, to help build 600 MW of renewable-energy capacity, the New Development Bank said in an email reply to questions.
The bank will also provide a $250-million loan to India’s Canara Bank, with $75-million ear-marked for 500 MW of renewable-energy projects.
The New Development Bank, which started in Shanghai last year, is made up of Brics member nations – Brazil, Russia, India, China and South Africa. The bank has said clean energy will be part of its core focus.
South Africa’s Eskom also secured a loan of $180-million for power lines that can transmit 670 MW and transform 500 MW of renewable-energy generation.
China’s Shanghai Lingang Hongbo New Energy Development also got an $81-million loan, approved by the bank’s board of directors , to fund 100 MW of rooftop solar power.
The loans will run 12 to 20 years.
More plans are at various stages of consid-eration in the development bank’s pipe- line, including loans to Russia, according to the email.