THIS PROJECT WILL HAVE A SIGNIFICANT POSITIVE IMPACT ON BRAZILIAN FAMILIES AND SMALL BUSINESSES .
INTELLIGENT BRANDS // Green Technology
BEI grants € 300 million to Banco Santander Brazil for small-scale solar energy investments
The European Investment Bank ( EIB ), the world ’ s largest multilateral public bank and Banco Santander Brazil , the largest foreign bank in Brazil , have inked a deal to promote the use of renewable energy in the South American nation .
Ricardo Mourinho Félix , Vice President of the EIB and Carlos Rey de Vicente , Regional Head of South America for Banco Santander , signed a € 300 million loan agreement in Brussels , during the EU-CELAC Summit of Heads of State and Government and the EU- ALC Business Forum .
This project is part of the European Union ’ s Global Gateway investment strategy , which supports global and regional infrastructure and enhances connectivity in the digital , climate and transportation sectors , as well as in healthcare , energy and education .
The loan will support the installation of a series of small-scale photovoltaic solar plants in Brazil , primarily on rooftops , with a combined total capacity of approximately 600 MWp . These plants will be set up in residential areas and small to medium-sized business premises .
This Global Gateway project will contribute to the fight against climate change . It will also assist Brazil in achieving its goals of increasing the share of renewable energy sources in its annual electricity generation and meeting its 10-year national energy expansion plan . As a low-carbon electricity generation project , it will reduce carbon emissions and air pollution . Furthermore , it will establish generative capacity as part of a self-consumption system that will reduce electrical losses and promote energy efficiency .
The deal signed reinforces the European Investment Bank ’ s ( EIB ) role as a global climate bank . Moreover , it contributes to Santander ’ s climate strategy , as the bank has committed to being net-zero by 2050 . Santander also strongly supports sustainable initiatives : in 2022 alone , the bank allocated more than 32,000 million reais ( 6,000 million euros ) to sustainable businesses in Brazil .
THIS PROJECT WILL HAVE A SIGNIFICANT POSITIVE IMPACT ON BRAZILIAN FAMILIES AND SMALL BUSINESSES .
“ I am pleased to announce this project in partnership with Banco Santander in Brazil , which will enable private sector investments in renewable energy , reduce carbon emissions and air pollution and support additional renewable generation capacity in Brazil . This operation under BEI Global , the EIB ’ s arm created in 2022 for activities outside the European Union , is based on our global climate commitment and our support for the fight against climate change in Brazil over the past three decades ,” said Ricardo Mourinho Félix , Vice President of the EIB .
Jutta Urpilainen , Commissioner for International Partnerships at the European Commission , stated : “ This project will have a significant positive impact on Brazilian families and small businesses . Through the EU-Latin America and the Caribbean Global Investment Agenda , we are committed to working together to promote fair green and digital investment and to help achieve the Sustainable Development Goals .” p
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