Eversheds Sutherland has advised Faro Energy on the first certified Green Bond for solar energy in Brazil.
Given the scope and size of the issuance, the transaction marks a significant milestone in European investor appetite in Brazil and paves the way for further growth in solar both in Brazil and across Latin America more widely.
The bond will fund a series of solar projects in Brazil for the generation of electricity on a distributed basis. The terms of private placement are confidential.
The team comprised finance Partner Mark Dennison and corporate Partner Stephen Hill with support from Legal Director Jonathan Malim and Senior Associate Holly Suthren. U.S. securities advice was provided by Partner Harry Pangas in Washington, D.C.
Mark Dennison, finance partner, Eversheds Sutherland said: “Faro Energy has successfully demonstrated that distributed solar financing at scale without the assistance of development finance institutions has moved from a possibility to something which really works. We congratulate the team at Faro for developing a new investor base and making this first-in-country transaction happen, and we look forward to continuing the journey as further energy and infrastructure opportunities take off across Latin America.”
Rodrigo Marquez, General Counsel and acting CEO at Faro Energy said: “We are delighted to have successfully closed the very first certified Green Bond for solar in Brazil. Interest and take-up in this first issuance has been significant and we are already looking forward to further issuances later this year. Eversheds Sutherland were instrumental in helping us develop the transaction as it grew in size and complexity.”