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Brazil’s Sudene Approves $234 Million for Northeast Wind Farms

May 21 (Bloomberg) -- Brazil agreed to provide 478.7 million reais ($234 million) in funding for wind farms in the country’s northeast.

Superintendencia do Desenvolvimento do Nordeste, the regional development agency, approved 299.3 million reais for a complex of five wind projects known as Faisa in the northeastern state of Ceara, Brazil’s official gazette said today on its website. The Faisa projects total 136.5 megawatts of capacity and will use turbines supplied by India’s Suzlon Energy Ltd.

Sudene, as the agency is known, also approved 125.4 million reais for three wind projects under development by Spain’s Corp. Gestamp SL and 54 million reais for Eolica Pedra do Reino SA.

The investment will be furnished by Fundo de Desenvolvimento do Nordeste, a fund managed by Sudene, according to the statement, which didn’t say whether the funding will comprise equity or debt.

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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