IDB Invest, the private sector arm of the Inter-American Development Bank (IDB), has granted a local currency loan equivalent to USD 110 million (EUR 101.5m) in order to finance small-scale photovoltaic (PV) energy systems in Brazil.
The agreement was struck with local financial institution cooperative Banco Cooperativo Sicredi SA. Sicredi will use the funds to help its customers finance distributed generation (DG) PV systems, thus expanding the Brazilian market, the bank stated in its press release.
The extended financing consists of USD 100 million from IDB Invest’s own resources and USD 10 million of blended financing from the Canadian Climate Fund for the Private Sector of the Americas (C2F).
IDB Invest will also offer its advisory services to help identify green assets in Sicredi’s portfolio, train employees and clients on sustainability and create a green bond framework ahead of future issuances.
(USD 1 = EUR 0.923)
