BNDES to finance R$34bn battery auction, eyes climate fund

Brazil's development bank BNDES plans to finance up to R$34 billion in battery storage projects via an upcoming auction, drawing on the Climate Fund and Mais Inovação program, though additional sources will be needed. This signals a major state-backed push into energy storage, aligning with Brazil's grid modernization and renewable integration goals. The scale of financing and reliance on multiple funds underscores the capital intensity of battery deployment.