27 Jan '15, 6pm

Brazilian Bank Raises $408 Million for Renewable Energy and Water Projects

The Brazilian bank Itau Unibanco Holding SA raised 1.05 billion reais ($408 million) to finance renewable energy and water treatment projects. That’s the most ever raised for renewable energy in Latin America by a Brazilian bank, the Sao Paulo-based company said in an e-mailed statement Tuesday. The funding comprises a five-year, 262 million-real loan from International Finance Corp. and a three-year, 787 million-real loan from Bank of America Corp., Mizuho Bank Ltd. and Commerzbank AG. Banks in Brazil may increase their financing for clean power as President Dilma Rousseff pursues policies to reduce debt and control inflation and the national development bank BNDES pulls back, according to Marcelo Girao, head of energy for project finance at the financial company’s Itau BBA unit. “BNDES is slowing down in some type of loans, so the development bank has to find alternative...

Full article: http://www.renewableenergyworld.com/rea/news/article/2015...

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