The company led by João Manso Neto said that this investment will strengthen the business plan in Brazil, where it has been present for a decade, and contribute to the country achieving the environmental goals of reducing CO2 emissions defined at COP21 [Paris Climate Conference, officially known as the 21st Conference of the Parties]".
The company, a subsidiary of Portugal’s electricity utility, EDP, adds that the EIB's support is part of the strategy of action against climate change in Latin America and will allow EDP Renováveis in Brazil to produce about 1.8 TWh per year of clean energy, by 2023.
The construction of new solar power plants and wind farms will have an impact not only on the environment, but also on the Brazilian economy, helping to reduce energy and fuel import costs and enhancing energy security and job creation.
The company estimates that during the implementation phase of the projects, 1,900 jobs will be created.
"This line of credit will help us to continue our activity in Brazil, a country in the middle of a transition to a more environmentally friendly energy matrix," said João Manso Neto.
"In addition, we are particularly motivated by the endorsement of an institution with the calibre of the EIB, as it supports not only our line of business, but also all our contribution to progress and development".
"Climate change is one of the biggest threats to the future of our planet and we need to join forces to tackle it," said Emma Navarro, EIB Vice President and Head of Operations in Latin America.