The European Investment Bank will facilitate €150m to EDPR Brazil, the local subsidiary of EDP Renovaveis, a global leader in the renewable energy sector, to finance wind and solar power generation plants.

The credit will contribute to foster the company’s business plan in Brazil, where its project pipeline will enable EDPR to produce nearly 1,8 TWh a year of clean energy by 2023. The construction of wind and solar plants will positively affect the country’s economy, reducing energy and fuel import costs.

During the implementation phase of the project, the investments supported by the EIB will contribute to create 1.900 jobs.

In Latin America, the EIB has become a major promoter of renewable energy having signed projects worth over €840 million in the region between 2013 and 2018.

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