SAO PAULO--Brazil's national development bank BNDES said Monday
it approved 378 million Brazilian reais ($187 million) in loans for
wind-power projects being developed in that country by Spain's
Iberdrola (IBE.MC).
Forca Eolica do Brasil, a joint venture between Iberdrola and
Neoenergia (GNAN3B.SM), the Brazilian utility controlled by
Iberdrola and Brazil's biggest pension fund, is investing BRL594.5
million to build five wind farms in the northeastern Brazilian
states of Rio Grande do Norte and Bahia. The wind power
installations will have a combined capacity of 150 megawatts, the
BNDES said on its website.
The BNDES last year carried out BRL3.4 billion in financing for
wind projects, helping build 1,160 megawatts of new capacity, the
BNDES said in the note.
The development bank currently has in its portfolio 107
projects, at all stages of financing, which will require BRL12.4
billion in investment and of which BNDES is financing BRL8.4
billion.
Write to Paulo Winterstein at paulo.winterstein@dowjones.com