The Brazilian National Development Bank (Banco Nacional de Desenvolvimento Econômico e Social or “BNDES”) has announced it will “go green” with new financing terms for the electricity sector.

BNDES highlighted an emphasis toward renewable energy, focus on increasing investments in solar energy and move away from fossil fuels as well as big hydro.

The new financing terms entered in the October capacity auctions, which will increase BNDES’s participation in solar projects from 70 to 80 per cent of the project’s totoal investment.

BNDES will also reduce its participation in large hydroelectric projects to a maximum of 50 per cent, down from the previous 70 per cent cap.

BNDES has been integral to Brazil’s industry and infrastructure development, with long term financing projects that contribute to Brazil’s economic and social development.