February 11 (Renewables Now) - Faro Energy, a distributed solar company with global headquarters in London, has raised BRL 15 million (USD 3.5m/EUR 3.2m) through the issue of Brazil’s first sustainable debenture.
The company will use the proceeds to invest in distributed solar power generation projects and social initiatives in Brazil.
Faro chose to go with a sustainable bond issuance rather than offering a traditional one in order to “bring impact” to the region where its solar parks are located, Pedro Mateus, CEO of the company’s Brazilian subsidiary, was quoted as saying by Reuters.
The 10-year bonds were sold by local investment bank Banco BTG Pactual SA, while GaiaSec structured the transaction.
At present, Faro has projects capable of producing about 222,000 MWh a year.
(BRL 1.0 = USD 0.231/EUR 0.212)