On October 19, the Brazilian Development Bank's electric energy department announced that it expects to provide $2.5 billion in financing for wind generation projects in 2011, up from $364 million in 2010. The bank has already received loan requests for wind energy projects totaling $4.5 billion this year, with another $1.6 billion to be released by year’s end, and has already approved and released $900 million. On August 17-18, the bank’s last energy auctions saw 92 energy projects win contracts, of which 78 were for wind energy. Increased investment from American and European wind equipment suppliers has been the catalyst of an average 20 percent annual reduction in the costs of Brazilian wind energy projects.