Faro Energy has issued the first Certified Green Bond for solar energy in Brazil.

The bond will be used to finance distributed solar power projects across Brazil. The Brazilian solar market is growing rapidly and green financing solutions are critical to enable the market to scale.

While Climate Bonds Certified Green Bonds have previously been issued for wind projects in Brazil and for solar bond financing in Australia, India, Mauritius, Morocco, Nigeria, Singapore, the US and Europe, this is the first time that a Certified Green Bond is being used for solar in Brazil.
This bond has been verified by Bureau Veritas, a leading international verification agency, and Certified according to the Climate Bond Standard & Certification Scheme.

Sarah Chapman, CEO of Faro Energy said: “We believe that innovative green finance mechanisms like Green Bonds will be transformational for the distributed solar sector in Brazil over the coming years. We are very proud to achieve this significant milestone for both Faro Energy and the industry more broadly.”

For Sean Kidney, CEO of Climate Bonds Initiative, “This issuance is a new foundation for best practice as Brazil’s Green Bond market develops. With such a large demand for clean energy, there is enormous potential for offshore investment in solar as part of the low carbon energy mix. Congratulations to Faro Energy for taking the lead in this sector!”