Brazil Provides $1.5 Billion to Boost Renewable-Energy Research

Brazil will provide as much as 3 billion reais ($1.5 billion) in grants and loans to fund research into renewable energy.

The Inova Energia program will help companies commercialize technology including solar power and energy-efficient vehicles, Brazil’s development bank Banco Nacional de Desenvolvimento Economico e Social said today in an e-mailed statement.

BNDES and the state innovation agency Financiadora de Estudos e Projetos will each contribute 1.2 billion reais and power regulator Agencia Nacional de Energia Eletrica will furnish 600 million reais.

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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