BNDES Lending $159 Million to Renova for Brazil Wind Farms

Banco Nacional de Desenvolvimento Economico e Social, Brazil’s state development bank, will loan 297 million reais ($159 million) to Renova Energia SA (RNEW11) for five wind farms as the country expands its investments in renewable energy.

The projects in the northeastern state of Bahia will have a total capacity of 98.8 megawatts, the Rio de Janeiro-based bank said today in an e-mailed statement.

BNDES has approved 4.5 billion reais of loans for 70 renewable energy projects to date, according to the statement.

The five wind farms are in the towns of Igapora and Guanambi and are among 14 Renova Energia projects that received contracts to sell electricity in a 2009 government-organized auction for new power capacity, BNDES said.

To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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