Brazil's Superintendency for the Development of the Northeast (Sudene) revealed on Thursday that it has received a funding request for 200 MW of solar parks from Grupo Rio Alto Energias Renováveis.
Part of the Santa Luzia Solar complex located in the Santa Luzia municipality, Paraiba state, the Rio Alto XVIII, XIX, XX, and XXI photovoltaic (PV) projects constitute a significant expansion initiative within the region's renewable energy landscape.
The funding request, initiated through a preliminary consultation process, targets BRL 400 million (USD 77.7m/EUR 72.7m) from Sudene's Northeast Development Fund (FDNE). Grupo Rio Alto intends to inject over BRL 668 million into these four solar projects.
Sudene clarified that this request marks the initial phase in securing the funds. Grupo Rio Alto is now tasked with presenting the project to an FDNE accredited bank, which will undertake comprehensive technical, economic, financial, and risk assessments.
Following the bank's evaluation and approval, Sudene will conduct a thorough review of the PV projects, paving the way for its board of directors to deliberate on whether to authorize the financing.
