Brazil's BDMG, Absolar offer financing for Minas Gerais solar sector

Brazil's Minas Gerais Development Bank (BDMG) announced last week that it is partnering up with domestic solar power association Absolar to offer around BRL 405 million (USD 82m/EUR 77.6m) to finance the solar sector in the state of Minas Gerais.

The entities said that the new financing will help residential, commercial and agribusiness consumers gain more access to solar energy, which will in turn stimulate the development of new business opportunities, increase income of the local population and create more jobs in the state.

Absolar highlighted the impact that the self-consumption solar had on Minas Gerais, saying that own generation has attracted more than BRL 8.8 billion in new investments, created over 50,600 jobs and brought BRL 1.8 billion to public coffers since 2021.

Minas Gerais has about 1.7 GW of small and medium-sized solar power systems in operation across homes, businesses, industrial and rural properties and public building. According to BDMG and Absolar, these systems account for 16.8% of Brazil's self-generation solar capacity.

(BRL 1.0 = USD 0.202/EUR 0.192)