The BNDES (Brazilian Development Bank) reported that it will analyze on a case-by-case basis requests for temporary debt suspension from companies in the solar and wind sectors impacted by power generation cuts — known as curtailment — determined by the ONS (National Electric System Operator).
The measure is being discussed with the aim of minimizing the financial losses of companies facing significant revenue losses and seeking cash relief from banks and financial institutions.
Luciana Costa, BNDES's director of Infrastructure, Energy Transition and Climate Change, has emphasized that the bank is aware of the situation and willing to cooperate with companies.
Last week, in an interview with Folha de S.Paulo, the executive stated that the BNDES does not intend to “put a knife to companies’ throats” and that intends to “protect projects and be on the client’s side”.
This week, in an interview with Valor Econômico, she emphasized that treatment will be individualized. "It will be case-by-case, and we treat the private sector and projects very responsibly," she said.
Suspension request and financial impact
The request for suspension of debts was presented a few months ago by ABSOLAR (Brazilian Association of Photovoltaic Solar Energy), which is leading negotiations with BNDES. Negotiations also involve BNB (Banco do Nordeste) and Banco do Brasil.
The losses caused by curtailment are mainly related to the lack of transmission infrastructure, line capacity limits and excess energy supply in relation to demand.
According to sectoral estimates, the solar and wind energy companies have already accumulated losses exceeding R$3,2 billion only in 2025. The situation has already led to a wave of legal action in the sector.
According to BNDES, there is still no exact estimate of the volume of debts that will be renegotiated, since the amount will only be known as companies formalize their suspension requests.
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