Vinci Partners to manage sustainable energy fund in Brazil
Transmission lines in Brazil. Image by Gabriel Jabur/Agência Brasília, via Flickr.
The Brazilian Development Bank, or BNDES, said on Monday it has chosen local company Vinci Partners to be the manager of its BRL-500-million (USD 162.9m/EUR 150.9m) sustainable energy fund.
BNDESPAR, BNDES' investment subsidiary and controller of the fund, together with Vinci will now commence the process of structuring the fund, discussing regulations and offering quotas to potential investors.
The Fundo de Energia Sustentavel aims to support infrastructure projects, primarily in assets supporting the transition a low carbon economy. The fund is expected to be operational by the second half of 2017, BNDES said.
With a 15-year term, the new fund will have up to 50% participation from BNDESPAR. It is supported by the Climate Bonds Initiative (CBI). The bank hopes the fund can encourage the creation of a green bond market in the country.