Disbursements from BNB (Banco do Nordeste do Brasil) for solar and wind energy generation projects showed a sharp reduction between 2023 and 2025, according to data consolidated by the financial institution at the request of... Canal Solar.
In 2023, BNB disbursed approximately R$ 6,4 billion for renewable energy generation projects, with R$ 3,52 billion allocated to solar energy and R$ 2,88 billion to wind energy.
The volume represented the highest level of the period analyzed and reflected a scenario, until then, of strong expansion of ventures, specifically in the northeastern states.
Downward trajectory
Already in 2024, disbursements fell to R$ 3,9 billion, a drop of approximately 36% compared to the previous year. Of this total, R$ 3,53 billion was directed to photovoltaic projects and R$ 371,8 million to wind power projects. The contraction marked the beginning of a more cautious movement in the... booth in financing the sector.
In 2025, the reduction deepened. Disbursements totaled approximately R$ 1,97 billion, a further annual decline, with R$ 1,74 billion in solar energy and R$ 231,7 million invested in wind energy. Compared to 2023, the total volume financed fell by approximately 68,8%, marking the second consecutive year of contraction.
The year-on-year comparison indicates a more restrictive environment for new investments financed by the bank. This contrasts with the previous cycle, marked by accelerated growth in the number of projects and the volume of credit granted.
Curtailment
BNB suggests that this movement is due, among other factors, to the uncertainty caused by curtailment, a practice of cutting generation applied during periods of restriction in the electrical system.
The cuts are being implemented without clear compensation mechanisms, which affects the predictability of project revenues and, consequently, the financial structuring of the projects.
This scenario tends to increase the perception of risk, both for investors and financial agents, and, because of this, the bank chose not to present estimates or projections for 2026.
The decision reflects the degree of uncertainty still present in the sector, especially regarding the evolution of curtailment, the pace of transmission expansion, and regulatory definitions that may impact the cash flow of renewable projects.
Even with the recent downturn, BNB's track record in financing renewable energy generation remains significant. Over the past decade, the institution has been responsible for enabling dozens of solar and wind farms in the Northeast, playing a central role in bringing investments to the interior of the country, generating jobs, and strengthening the regional production chain.
The credit granted by the bank was crucial in attracting private capital and accelerating the implementation of projects that consolidated the region as a national leader in renewable energy.
Adjustment in strategy
Given the current scenario, BNB (Banco do Nordeste) announced that it is strategically redirecting its energy portfolio. Instead of focusing exclusively on expanding generating capacity, the bank is now prioritizing financing solutions that mitigate operational constraints.
The current focus tends to be on energy storage projects (BESS) and on the expansion and modernization of transmission lines, as these are considered fundamental investments to allow for the full utilization of energy already generated and to guarantee the sustainability of renewable energy growth in the long term.
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