Overview of wind project financing in 2023

The persistence of high interest rates combined with low electricity sales prices has been a huge challenge in making new projects viable, which directly impacts demand for credit.

Credit supply environment

In 2022, wind power projects contracted R$ 7.9 billion in long-term credit from the three main sources – BNDES, FNE, and incentive debentures. The volume was 22% lower than in 2021, as shown in Figure 1, and the number of wind farms financed fell by almost half, from 32 to 17. BNDES remains the main creditor, with R$ 3.964 billion, equivalent to 50.2% of the total (BNDES, 2023a).

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