By .(JavaScript must be enabled to view this email address) - 14 December 2012, 19:07
In News, Power Generation, Finance, Project Focus

KfW signs €10 million loan agreement for Solar World Cup 2014 project

The Mineirão stadium in Brazil is one of two football stadiums, which will sport new PV rooftop systems.

On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW Entwicklungsbank, has signed a €10 million (US$13 million) loan guarantee with Brazil’s Companhia Energética de Minas Gerais (CEMIG) for the Solar World Cup 2014 project.

The project will see the Mineirão and Mineirinho stadiums, located in Belo Horizonte, outfitted with rooftop photovoltaic systems, which hold a combined capacity of 2.6MW. Electricity produced by the project will be fed into the grid so that Brazilian consumers can benefit from the solar electricity.

Total investment for the project is projected at €14.25 million (US$18.7 million). The KfW loan will help fund the project and includes funds from the BMZ for interest reduction and a contribution of €4.25 million (US$5.6 million) from CEMIG. Further, the Deutsche Gesellschaft für Internationale Zusammenarbeit plans to support CEMIG in marketing the solar electricity and training technical personnel.

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Signs earlier in the year of the global industry entering a growth phase have now been confirmed beyond any doubt. Almost all the big-name suppliers have now announced some form of manufacturing capacity expansion, a trend that analysts agree will only gather pace as long as the levels of demand predicted over the next few years turn out to be correct.

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Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

KfW signs €10 million loan agreement for Solar World Cup 2014 project

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