Overview of wind project financing in 2023-24

The persistence of high long-term interest rates in 2023 and 2024, coupled with a lower supply of subsidized credit, will slow the pace of expansion in the sector.

Credit supply environment

In 2023, wind power projects contracted R$ 7.88 billion in long-term credit from the three main sources – BNDES, FNE, and incentive debentures. The volume was only 3.7% higher than in 2022, as shown in Figure 1. The number of wind farms financed, however, rose from 17 to 24 (41.2%), driven by the expansion and diversification of credit by BNB. BNDES remains the main creditor, with R$ 3.161 billion directly via Finem (BNDES, 2024a), followed closely by BNB, which increased the volume of credit for the source by 45.7% in 2023 (BNB, 2024a).

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