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    Reference: 20190040
    Release date: 27 June 2019

    Promoter – Financial Intermediary

    BANCO DE DESENVOLVIMENTO DE MINAS GERAIS SA

    Location

    Description

    The project consists of a Framework Loan to part-finance a series of climate action projects in the state of Minas Gerais, Brazil, including solar photovoltaic (PV), small-scale hydropower and other renewables.

    Objectives

    The main purpose of the operation is to part-finance climate action initiatives that will contribute to the achievement of climate change mitigation, which is one of the high-level horizontal objectives of the External Lending Mandate (ELM) for all regions and endorsed by the Management Committee. The proposed operation is therefore fully compliant with the EIB's ELM as it supports the development of sustainable energy in the region, providing environmental benefits and securing the energy supply. It will also contribute to the development of economic infrastructure and of the private sector.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Under ELM Guarantee

    This operation is covered by the ELM Guarantee.

    Proposed EIB finance (Approximate amount)

    EUR 120 million

    Total cost (Approximate amount)

    EUR 160 million

    Environmental aspects

    The operation intends to generate environmental benefits by supporting renewable energy (i.e. small size solar photovoltaic, small-scale hydropower, eventually bioenergy plants – biomass) and energy efficiency schemes that help to mitigate climate change.

    Procurement

    It is expected that the beneficiaries of the schemes under this Framework Loan will be predominantly private entities not operating in the utility sector, not having a status of contracting entity and not being concessionaire. However, it cannot be excluded that some schemes could be classified as public for procurement purposes. Schemes that are subject to local content requirements will not be eligible for the EIB's financing. In any case, the Financial Intermediary will be required to take all the requisite measures to ensure that the procurement procedures are carried out in accordance with the Bank's Guide to Procurement.

    Status

    Signed - 21/10/2019

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Brazil Energy