BRICS bank approves $811m clean energy funding

The BRICS New Development Bank, covering Brazil, Russia, India, China, and South Africa, has approved its first funding for renewable energy projects.

The Bank has confirmed that a total of $811 million will be directed to banks and institutions in in the bloc.

President of the BRICS bank, KV Kamath, has consistently stated that the first funding will go towards clean energy development.

Brazil’s Banco Nacional de Desenvolvimento Economico e Social will receive $300 million, the largest amount of funding so far, and the credit line will be used for setting up 600 MW of renewable energy capacity.

$250 million will be directed to India’s Canara Bank, with $75 million earmarked for 500 MW of renewable energy projects.

South African electricity public utility Eskom will receive $180 million of funding which will go towards upgrading its transmission network and the implementation of renewable energy projects with a total capacity 500 MW.

Shanghai Lingang Hongbo New Energy Development in China will receive $81 million from the BRICS bank to finance a 100 MW rooftop solar power project.