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World’s Biggest Backer of Renewables Is Scaling Back Lending

  • Development bank to publish policy Sept. 13, Abeeolica says
  • BNDES seeking to shift more lending to private banks
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Brazil’s development bank, the world’s biggest backer of renewable energy, is revising its clean-energy strategy, pushing more lending to private banks in a move that will probably drive up borrowing costs.

The development bank BNDES will continue to fund renewable energy projects and is now seeking to share more of the risk with other lenders, according to Elbia Gannoum, president of the Brazilian Wind Energy Association Abeeolica. The plan is expected to be included in the agency’s new operational policy that will be released Sept. 13.