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BNDES approves 7.6B reais of funding for energy sector

Banco Nacional de Desenvolvimento Econômico e Social approved around 7.6 billion Brazilian reais in financing for electricity projects across Brazil, where demand for energy is on the rise.

The funding will support electricity distribution infrastructure in the Brazilian states of Pernambuco, Maranhão, Bahia, Pará, São Paulo, Minas Gerais, Mato Grosso do Sul, Paraná and Rio Grande do Sul, the development bank said.

The total amount includes 2.56 billion reais of funds for the Equatorial Energia group, 2.47 billion reais for the Neonergia group, and 2.6 billion reais for the CPFL/State Grid group.

BNDES said the funds will help energy companies automate their distribution networks, implement investment plans, and update their information technology systems, among other uses.

As of Dec. 26, US$1 was equivalent to 3.93 Brazilian reais.