The financial institution formed by the BRICS group of nations approved its first round of lending for renewable projects. The New Development Bank (NDB) approved loans totaling $811 million for renewable energy projects in Brazil, China, India, and South Africa.
The BRICS bank, with authorized capital of $100 billion, started work in 2015 to fund infrastructure projects initiatives in emerging markets and in its initial foray has lent $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.
The NDB has a host of other renewable projects under consideration for future loans.