Finep earmarks USD 890.7m for Inova Energia programme in 2013

Apr 2, 2013 - Brazilian governmental Financing Agency for Studies and Projects (Finep) expects to disburse BRL 1.8 billion (USD 890.7m/EUR 693.8m) this year under the federal Inova programme, kicked off yesterday.
The programme is a result of teamwork of Finep, Brazilian National Social and Economic Development Bank (BNDES) and the country's energy sector watchdog Aneel, and foresees funding of smart grid, ultra-high tension transmission, solar and wind, and electric vehicle development projects.
The three entities have set the programme's initial budget at BRL 3 billion, but this barrier could be surpassed, depending on the interest of investors.
According to BNDES' president, Luciano Coutinho, the programme's target is to encourage the private sector to invest more in innovation.
The loans extended under Inova Energia will bear annual interest rates of between 3.5% and 5%.
Interested companies should file a letter of intent to participate in the programme by May 3, 2013. The deadline for submitting documentation for funding is November 11 and until then the programme's coordinating entities will be promoting workshops to assist the participants.
(BRL 1 = USD 0.495/EUR 0.385)

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