IDB Invest promotes 100% renewable energy to help mitigate climate change in Brazil

The Mendubim Solar Energy Project, belonging to the subsidiary of the companies Equinor New Energy AS, Hydro REIN AS and Scatec ASA, has received financing from IDB Invest for up to 130 million dollars with a 18.5-year term for the design, construction, commissioning and operation of thirteen photovoltaic plants with a combined capacity of 531 MWp and the construction of a 6-kilometer transmission line and other interconnection facilities.

The solar parks, relying on bifacial panel technology, will allow the avoidance of close to 7.3 million tons of CO2 equivalent during their lifetime. The project has closed a dollar-linked long-term power purchase agreement (PPA) under the “project finance” modality. The operation will also include Performance Based Incentives (PBI) for a total amount of up to 10 million dollars funded by the United Kingdom Sustainable Infrastructure Program (UK SIP). Finally, the project will promote the employment of women and Afro-descendants in technical positions.