BRICS

In international news, the BRICS countries’ New Development Bank has approved $811 million in its first round of loans for the development of renewable energy projects in the member states.

The New Development Bank was launched last year in Shanghai by the BRICS member States comprising of Brazil, China, India and South Africa. The bank has said clean energy will be part of its core focus.

The media reported that out the five states, Brazil’s Banco Nacional de Desenvolvimento Economico e Social obtained the biggest loan, with a total of $300 million credit line that will be directed toward constructing 600MW of green energy capacity.

Coming second was India’s Canara Bank, which scooped $250 million, from that amount $75 million is said to be scheduled for 500MW of renewable energy development.

BRICS New Development Bank split loans

[quote]On the other hand, according to Bloomberg the South African public utility Eskom was allocated a $180 million credit line for electrical infrastructure upgrades, including power lines that can transmit 670MW and transform 500MW of renewable energy generation.

Likewise, China’s Shanghai Lingang Hongbo New Energy Development secured a $81 million loan for 100MW of rooftop solar. The media also reported that the bank is currently reviewing loans for Russia. These loans are said to  range from a period of between 12 to 20 years.

In earlier reports, it had emerged that demand for renewable energy funding in four out of the five BRICS nations namely Brazil, India, China and South Africa, is among the highest in the world.

 

Image credit: BricPartner.Com