The volume of financing allocated to renewable energy generation in Brazil reached R$32,5 billion last year — an increase of 6,5% compared to the R$30,5 billion recorded in 2023, according to data released by the consultancy CELA (Clean Energy Latin America).
Of the total financed during the year, almost half (43%) came from the capital markets, 32% from development banks, and the remaining 25% from private banks. Despite the overall growth, the survey points to distinct trajectories among the sources of generation.
While financing for large-scale wind farms fell nearly 30%—from R$12,2 billion in 2023 to R$8,7 billion in 2024—solar energy saw strong growth. The photovoltaic sector raised R$23,8 billion, a 30% increase compared to the R$13,3 billion the previous year.
Distributed generation also saw significant growth. Rooftop solar systems and small businesses received R$6,9 billion in financing (a 47% increase), while remote solar plants for shared generation and remote self-consumption received R$5,6 billion (an increase of almost 8%).
According to Camila Ramos, CEO of CELA, the performance of solar energy was driven, above all, by the capital market, with emphasis on the issuance of debentures and CRIs (real estate receivables certificates).
“Despite this, the volume of financing for wind energy has fallen significantly, with a significant drop in financing via BNDES (National Bank for Economic and Social Development) and BNB (Banco do Nordeste),” she said.
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