The European Investment Bank (EIB) announced on June 5 that it is providing a EUR-200-million (USD 215.2m) loan to Sicredi, a Brazilian cooperative financial institution, to finance the implementation of solar systems on homes, small and medium-sized businesses, and rural properties. Sicredi has more than 6.5 million members and 2,500 branches across all regions of Brazil.

According to EIB, the installation of photovoltaic (PV) panels will contribute 100% to climate action and support Brazil’s ten-year national energy expansion plan, which targets the increase of renewable energy in the annual electricity generation mix.