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Get the news on sustainable finance & investment in Latin America Name * First Last Email * Company * Job Title * Δ NEWSLETTER DELIVERED MONTHLY THANKS TO International Finance Corporation (IFC), the private division of the World Bank, granted a five-year loan of up to $150 million to Brazilian bank BV, previously known as Banco Votorantim. BV will use the loan proceeds to finance the installation of small-scale residential solar systems, helping to increase access to renewable energy, IFC said in a release on Monday. The share of solar energy in the Brazilian energy grid has increased in recent years and currently accounts for some 10% of electricity generation, but IFC said there is a big financing gap that needs to be addressed. ADVERTISEMENT “Access to financing is still limited, with 78% of customers experiencing difficulties in 2022,” the US-based lender said. Such investments are aligned with IFC’s commitments to the Paris Agreement and its own strategy to promote the sustainability of the banking sector in Brazil, it said. The deal also seeks to to encourage other lenders to support solar generation projects, said Helena de la Torre, IFC’s regional manager for financial institutions in Brazil and the Southern Cone. BV, which is co-owned by the Votorantim conglomerate and state-owned lender Banco do Brasil, said it plans to issue more than BRL3.5 billion ($580 million) this year in green loans. More Sustainable Finance & Investment News FREE TO READ THANKS TO Aeris gets bond waiver Cross-border bond markets lure more LatAm issuers BNDES approves Raízen credit line IDB lines up dual bond offering Chile prices back-to-back global deals Grenergy nabs another loan Investors find ESG ‘bright spot’ in tough market Promigas prices social bonds in Colombia Vesta picks up sustainable loan LatAm sovereigns pile into nature swaps Vibra taps Brazil bond market MSU Energy unit prices green bond Load more posts Something went wrong. Please refresh the page and/or try again.
