The European Investment Bank (EIB) and Banco Santander of Brazil have signed an agreement that aims to promote the use of renewable energy in Brazil. As part of the European Union’s Global Gateway investment strategy, the EIB will provide a 300 million euros loan to support the small-scale installation of photovoltaic solar panels for self-consumption in Brazil, equivalent to a total capacity of around 600 MW.

The project will contribute to increasing the distributed generation capacity for self-consumption, targeting private households and SME buildings, therefore reducing electricity losses and promoting energy efficiency.