Brazil’s Bolsonaro taps green bonds to deliver 8GW of new solar

Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: Família Bolsonaro / Flickr

Brazil is to turn to green finance to try and deliver a multi-gigawatt boost to renewables, an industry grappling with the COVID-19 chaos that has forced to shelve green energy tenders.

In recent days, president Jair Bolsonaro signed a new decree laying the foundations of a green bond programme, meant to channel funding towards solar PV, wind, small hydro installations and energy-from-waste facilities.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The so-called green debentures will see debt raised (see below) towards these industries, amid hopes by Brazil’s government of delivering an 8GW fleet of new solar nationwide, coupled with also-significant portfolios of new wind (25GW) and small hydro power (3GW).

According to estimates from Brazil’s Energy Ministry, the three renewable segments could bring Brazil a combined investment of 170 billion Brazilian Real (US$34 billion) by 2029. Brazil’s regions would see “thousands of jobs” created through such green energy boom, the Ministry said.

Linked by the energy transition: Green bonds and solar

Green bonds – a US$255 billion market last year, according to sector figures – have been touted as a solar ally for some time now. The instrument, used by governments or firms to raise debt towards environmentally certified ventures, can help solar players reach larger institutional investors (or so speakers claimed at an Intersolar 2019 panel last May.) However, some have warned that structuring fees have historically made green bonds an option only for larger players.

Sean Kidney, CEO of the Climate Bonds Initiative, spelled out the opportunities and challenges in an interview with PV Tech Power last year – see here to read it in full

The green finance move looks set to further bolster Brazil’s solar fortunes. Pre-COVID, the country was an often-cited market to watch in Latin America, with downstream and mainstream players alike announcing expansion plans in recent months.

As documented by PV Tech, the pandemic has indefinitely paralysed Brazil’s A-4 and A-6 state energy auctions, closing an avenue that sparked gigawatts’ worth of solar bids last year and some of the lowest solar tariffs seen in the world.

COVID-19 controversies for solar-keen Bolsonaro

Brazil’s renewable campaign comes as the country fights one of the worst COVID-19 outbreaks worldwide, with 772,416 reported cases only surpassed by the two-million-plus reported cases in the US.

Already a controversial figure pre-pandemic, president Bolsonaro has come under heavy criticism over his handling of the health emergency. Just this week, the head of state was ordered by the courts to resume publishing COVID-19 data, after public access was curtailed.

Much like in Europe and the US, the pandemic has coincided with a rise in solar generation, with 53.3% year-on-year jumps reported in early April. Led by association ABSOLAR, the industry has asked to be treated as a strategic recovery pillar, amid calls for a new social tariff for rooftop PV.

Bolsonaro himself has long championed solar despite his many green controversies, a support linked by commentators to the government’s view of PV as an efficient energy source. In early January, the president personally intervened to block a solar tax, defying his own energy regulators.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
Premium
October 8, 2025
PV Talk: Smart Energy Council's Nigel Morris reflects on how Australia has become a global testbed for distributed solar and storage innovation.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Australia's NEM achieved a new minimum operational demand record of 9,666MW, marking a 4% decrease from the previous record.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK