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Climate action in Latin America: EIB and EDPR support the development of renewable energy in Brazil

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The European Investment Bank (EIB) will facilitate EUR 150m to EDPR Brazil, the local subsidiary of EDP Renovaveis (EDPR), a global leader in the renewable energy sector, to support the development of wind and solar power generation plants in Brazil. 

 

This institutional credit will contribute to foster the company’s business plan in Brazil, a country where it has been present for the past decade and where its project pipeline will enable EDPR to produce nearly 1,8 TWh a year of clean energy by 2023.

 

Thanks to the EIB support, Brazil will be able to lower its CO2 emissions while accelerating the transition towards a cleaner energy mix, in line with the environmental objectives established at COP21. 

 

Moreover, the construction of wind and solar plants will positively affect the country’s economy, reducing energy and fuel import costs while improving energy security and creating employment. In particular, the overall investments supported by the EIB will contribute to create 1,900 jobs during the implementation phase.

 

This operation, eligible under the Climate Action and Environmental Facility (CAEF), highlights the EIB efforts to finance Climate Action outside the European Union, contributing to the EU’s renewable energy and environmental policies.

 

This project will foster the production of clean and renewable energy in line with the UN Sustainable Development Goals (SDGs), which ensure access to affordable, reliable, sustainable and modern energy while fighting climate change.

 

In Latin America, the EIB has become a major promoter of renewable energy having signed projects worth over EUR 840 million in the region between 2013 and 2018.

 

Climate change mitigation and adaptation is the EIB’s main priority in the region, where projects supported by the EU bank focus on the environment, especially on boosting renewable energy, energy efficiency, and sustainable public transport schemes.

 

Climate change adaptation-related projects involve upgrading existing infrastructures to be more resilient in the face of more volatile and unpredictable weather patterns, preparing it for direct and indirect impacts.

 

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