THE New Development Bank, a multilateral lender formerly known as the Brics Development Bank, will provide $811m in a first round of loans for clean-energy projects in four nations, one of which is SA, who will borrow $180m.
Brazil’s Banco Nacional de Desenvolvimento Economico e Social will receive the biggest loan, worth $300m, to help build 600MW of renewable energy capacity, the New Development Bank said on Monday. The bank will also provide a $250m loan to India’s Canara Bank, with $75m earmarked for 500MW of renewable-energy projects.
The New Development Bank, which started in Shanghai last year, is made up of Brics member nations — Brazil, Russia, India, China and SA. The bank has said clean energy will be part of its core focus.
Eskom secured a loan of $180m for power lines that can transmit 670MW and transform 500MW of renewable energy generation. China’s Shanghai Lingang Hongbo New Energy Development also got an $81m loan, approved by the bank’s board of directors last week, to fund 100MW of rooftop solar power
The loans will run for 12 to 20 years. More plans are at various stages of consideration in the development bank’s pipeline, including loans to Russia, according to the e-mail.