IDB Invest finances expansion of solar energy in Brazil

IDB Invest has provided a loan in Brazilian reals for the equivalent of $110 million to Banco Cooperativo Sicredi to promote access to financing for small-scale photovoltaic solar energy systems in Brazil.

The financing consists of $100 million of its own resources and $10 million of blended financing from the Canadian Climate Fund for the Private Sector of the Americas. The objective is to finance Sicredi customers who install photovoltaic solar energy systems while addressing the main gaps that limit the expansion of photovoltaic solar energy financing for micro and small businesses. 

The blended financing from the C2F resources will allow Sicredi to increase its credit to cooperatives that have a smaller penetration in the solar market.