{"id":36462,"date":"2021-04-08T15:01:00","date_gmt":"2021-04-08T15:01:00","guid":{"rendered":"https:\/\/www.climatepolicyinitiative.org\/?post_type=cpi_pr&#038;p=36462"},"modified":"2021-04-08T14:38:55","modified_gmt":"2021-04-08T14:38:55","slug":"lab-green-fidc-closes","status":"publish","type":"cpi_pr","link":"https:\/\/www.climatepolicyinitiative.org\/id\/press-release\/lab-green-fidc-closes\/","title":{"rendered":"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million"},"content":{"rendered":"\n<p>RIO DE JANEIRO \u2013 Albion Capital and \u00d3rigo Energia announced the close of <strong>Green FIDC Solar GD<\/strong>, the first FIDC issued as a climate bond in Brazil, at USD 35.8 million (BRL 201.5 million). The announcement comes two weeks after the close of Brazil\u2019s first <strong>Green CRI<\/strong>, a spinoff from the Green FIDC, which secured USD 14.3 million (BRL 80.1 million). Together, the two vehicles developed by Albion Capital to finance \u00d3rigo\u2019s expansion in solar distributed generation raised USD 50 million (BRL 281.6 million).<\/p>\n\n\n\n<p>The Green FIDC Solar GD and the Green CRI \u00d3rigo are each the first of their kind of security to be certified climate bonds for the Brazilian market. Certification is handled by the rigorous global standards of the Climate Bonds Initiative.<\/p>\n\n\n\n<p>The Green FIDC is an internationally awarded project finance concept created by Albion Capital to allow clean energy and energy efficiency projects to secure financing based on future cash flows from energy sales. The Green FIDC builds on a Brazil-specific instrument, the Fundo de Investimento em Direitos Credit\u00f3rios (FIDC), which is used by companies to raise capital by securitizing receivables.<\/p>\n\n\n\n<p>Renewable energy and energy efficiency projects are a crucial component of Brazil\u2019s 2030 climate goals. The country aims to increase energy efficiency by 10% and for non-hydro renewables to account for 23% of total power generation.<\/p>\n\n\n\n<p>\u201cAs real interest rates have been decreasing substantially, Brazilian investors are looking for alternatives to increase yields. Sustainable infrastructure projects are particularly well-positioned \u2013 due to the relative predictability of their cash flows and inflation-linked prices \u2013 to provide an attractive alternative to traditional low-yield fixed income products,\u201d said Paulo Todaro, Founding partner and CEO of Albion Capital.<\/p>\n\n\n\n<p>Based on the Green FIDC model, the Green CRI (Certificado de Receb\u00edveis Imobili\u00e1rios) is a Brazilian form of mortgage-backed security (MBS) designed for real estate investors.<\/p>\n\n\n\n<p>\u201cWhile developing the Green FIDC, we noticed a demand for other alternative investment vehicles that apply the same securitization solution and allow investors to tap the sustainable infrastructure market. That led to the development of a sidecar, replicating the same structure into an MBS issue (Green CRI),\u201d added Todaro.<\/p>\n\n\n\n<p>\u201c\u00d3rigo Energia has been committed to sustainability for 10 years \u2013 and we believe that the way we deal with capital markets to fund our expansion must also reflect this commitment\u201d, said Rog\u00e9rio Marchini Santos, CFO at \u00d3rigo Energia.<\/p>\n\n\n\n<p><strong>The Green FIDC concept was initially proposed and developed as part of the <a href=\"https:\/\/www.climatefinancelab.org\/\">Global Innovation Lab for Climate Finance<\/a> (the Lab). The Lab is an investor-led initiative that identifies and develops solutions to drive critical public and private investment to action on climate change in developing economies. Since 2014, the Lab has launched 49 finance instruments that have mobilized USD 2.4 billion for climate projects in emerging markets.<\/strong><\/p>\n\n\n\n<p>\u201cThe Green FIDC offers an important way to channel private capital to emerging green sectors in Brazil, through the established Brazilian FIDC mechanism.&nbsp;Leveraging capital markets to channel private investment is key to take advantage of&nbsp;the&nbsp;huge opportunity&nbsp;Brazil has&nbsp;for developing sustainable energy infrastructure,\u201d said Dr. Barbara Buchner, Global Managing Director of Climate Policy Initiative, which serves as Secretariat of the Lab.<\/p>\n\n\n\n<p>In 2019, Convergence awarded a design funding grant to Albion Capital to further develop the Green FIDC concept. The grant was used to support the research, structuring, and development activities required to bring the Green FIDC model to Brazilian capital markets.<\/p>\n\n\n\n<p>\u201cWhat attracted us to this concept was how Albion Capital adopted an instrument already familiar to Brazilian investors, the FIDC, and applied it to green project finance for the first time,\u201d says Joan Larrea, CEO of Convergence. \u201cMaking it possible, through blended finance, to attract local institutional investors in Brazil &#8212; not only a large financial market but also a critical country to our global climate goals&#8211; into climate-related projects.\u201d<\/p>\n\n\n\n<p>Justine Leigh-Bell, Deputy CEO of Climate Bonds Initiative, noted: \u201cthe issuance of Albion Capital\u2019s Green FIDC represents another relevant milestone in the expansion of the green finance market in Brazil. We do recognize the country\u2019s potential for renewable energy generation, and investors are hungry for new opportunities like this. Congratulations to Albion Capital for this historic issuance of the first FIDC certified by the Climate Bonds Standard.\u201d<\/p>\n\n\n\n<p>For next steps, Albion Capital is currently investigating an expansion of other variations of the Green FIDC concept into different vehicles that match investors\u2019 risk-return preferences. The goal is to allow a faster and simpler scale-up process for the solar market as well as for other sectors, like water infrastructure for example.<\/p>\n\n\n\n<p><strong>Albion Capital<\/strong> is a Brazilian asset management firm \u2013 authorized and regulated by the Brazilian Securities and Exchange Commission (CVM) \u2013 developing and managing structured investment products to finance companies and projects in the sustainable infrastructure space. Albion specializes in taking a proactive role in the early preparation of investment opportunities and using securitization to generate superior risk-return profiles. Albion Capital focuses on innovative and complex ventures where its investment approach can yield a considerable premium to investors.<\/p>\n\n\n\n<p><strong>\u00d3rigo Energia <\/strong>is the leader in shared generation in Brazil is one of the pioneering companies in the country. Operating since 2010 \u00d3rigo aims to massify and democratize renewable energy. In 2019 Origo obtained international certificate as a B Company for its commitment towards environmental and social impacts, generated through its business model.<\/p>\n\n\n\n<p><strong>The Global Innovation Lab for Climate Finance<\/strong> identifies, develops, and launches innovative finance instruments that can drive billions in private investment to action on climate change and sustainable development. The Lab is funded by the Bloomberg Philanthropies, the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU), the Netherlands Ministry for Foreign Affairs, The Rockefeller Foundation, The Swedish International Development Cooperation Agency (SIDA), and the UK Department for Business, Energy &amp; Industrial Strategy. Climate Policy Initiative serves as Secretariat<\/p>\n\n\n\n<p>The&nbsp;<strong><a href=\"https:\/\/www.climatebonds.net\/certification\">Climate Bonds Standard and Certification Scheme<\/a><\/strong> is a labelling scheme for bonds and loans. Rigorous&nbsp;<a href=\"https:\/\/www.climatebonds.net\/standard\/available\">scientific criteria<\/a>&nbsp;ensure that bonds and loans with Certification, are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.<\/p>\n\n\n\n<p><strong>MEDIA CONTACTS<\/strong><\/p>\n\n\n\n<p>Rob Kahn, Communications Manager, the Global Innovation Lab for Climate Finance<br><strong>Climate Policy Initiative<\/strong><br>rob.kahn@cpiglobal.org<br>+1 650-516-7136<\/p>\n\n\n\n<p>J\u00falio Lubianco, Communications Associate, the Global Innovation Lab for Climate Finance<br><strong>Climate Policy Initiative<\/strong><br>julio.lubianco@cpiglobal.org<br>+55 21 96463-7061<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Albion Capital and \u00d3rigo Energia announced the close of Green FIDC Solar GD, the first FIDC issued as a climate bond in Brazil, at USD 35.8 million (BRL 201.5 million). The announcement comes two weeks after the close of Brazil\u2019s first Green CRI, a spinoff from the Green FIDC, which secured USD 14.3 million (BRL 80.1 million). Together, the two vehicles developed by Albion Capital to finance \u00d3rigo\u2019s expansion in solar distributed generation raised USD 50 million (BRL 281.6 million. The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).<\/p>\n","protected":false},"featured_media":0,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[395],"regions":[1174,353],"topics":[842,264],"collaborations":[],"class_list":["post-36462","cpi_pr","type-cpi_pr","status-publish","format-standard","hentry","programs-global-innovation-lab-for-climate-finance","regions-americas","regions-brazil","topics-financial-innovation","topics-renewable-energy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million<\/title>\n<meta name=\"description\" content=\"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million\" \/>\n<meta property=\"og:description\" content=\"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/\" \/>\n<meta property=\"og:site_name\" content=\"CPI\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ClimatePolicyInitiative\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@climatepolicy\" \/>\n<meta name=\"twitter:label1\" content=\"Estimasi waktu membaca\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 menit\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/lab-green-fidc-closes\\\/\",\"url\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/lab-green-fidc-closes\\\/\",\"name\":\"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#website\"},\"datePublished\":\"2021-04-08T15:01:00+00:00\",\"description\":\"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/lab-green-fidc-closes\\\/#breadcrumb\"},\"inLanguage\":\"id\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/lab-green-fidc-closes\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/lab-green-fidc-closes\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/id\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Press Releases\",\"item\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/press-release\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#website\",\"url\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/\",\"name\":\"CPI\",\"description\":\"Climate Policy Initiative works to improve the most important energy and land use policies around the world, with a particular focus on finance.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"id\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#organization\",\"name\":\"Climate Policy Initiative\",\"url\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"id\",\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/CPI_logo_cmyk_transparent.png\",\"contentUrl\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/CPI_logo_cmyk_transparent.png\",\"width\":1728,\"height\":720,\"caption\":\"Climate Policy Initiative\"},\"image\":{\"@id\":\"https:\\\/\\\/www.climatepolicyinitiative.org\\\/pt-br\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/ClimatePolicyInitiative\",\"https:\\\/\\\/x.com\\\/climatepolicy\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/climate-policy-initiative\\\/?lipi=urn:li:page:d_flagship3_search_srp_all;GvyQ8DliSYaW9eZhdq8RBQ==\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCE8V0iDgBU8mreZdBegVCcA\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Climate_Policy_Initiative\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million","description":"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/","og_locale":"id_ID","og_type":"article","og_title":"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million","og_description":"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).","og_url":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/","og_site_name":"CPI","article_publisher":"https:\/\/www.facebook.com\/ClimatePolicyInitiative","twitter_card":"summary_large_image","twitter_site":"@climatepolicy","twitter_misc":{"Estimasi waktu membaca":"5 menit"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/","url":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/","name":"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million","isPartOf":{"@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#website"},"datePublished":"2021-04-08T15:01:00+00:00","description":"The Green FIDC concept was initially proposed and developed as part of the Global Innovation Lab for Climate Finance (the Lab).","breadcrumb":{"@id":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/#breadcrumb"},"inLanguage":"id","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.climatepolicyinitiative.org\/press-release\/lab-green-fidc-closes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.climatepolicyinitiative.org\/id\/"},{"@type":"ListItem","position":2,"name":"Press Releases","item":"https:\/\/www.climatepolicyinitiative.org\/press-release\/"},{"@type":"ListItem","position":3,"name":"Brazil\u2019s first FIDC and CRI issued as climate bonds raise USD 50 million"}]},{"@type":"WebSite","@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#website","url":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/","name":"CPI","description":"Climate Policy Initiative works to improve the most important energy and land use policies around the world, with a particular focus on finance.","publisher":{"@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"id"},{"@type":"Organization","@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#organization","name":"Climate Policy Initiative","url":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/","logo":{"@type":"ImageObject","inLanguage":"id","@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#\/schema\/logo\/image\/","url":"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2021\/07\/CPI_logo_cmyk_transparent.png","contentUrl":"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2021\/07\/CPI_logo_cmyk_transparent.png","width":1728,"height":720,"caption":"Climate Policy Initiative"},"image":{"@id":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ClimatePolicyInitiative","https:\/\/x.com\/climatepolicy","https:\/\/www.linkedin.com\/company\/climate-policy-initiative\/?lipi=urn:li:page:d_flagship3_search_srp_all;GvyQ8DliSYaW9eZhdq8RBQ==","https:\/\/www.youtube.com\/channel\/UCE8V0iDgBU8mreZdBegVCcA","https:\/\/en.wikipedia.org\/wiki\/Climate_Policy_Initiative"]}]}},"_links":{"self":[{"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/cpi_pr\/36462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/cpi_pr"}],"about":[{"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/types\/cpi_pr"}],"wp:attachment":[{"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/media?parent=36462"}],"wp:term":[{"taxonomy":"programs","embeddable":true,"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/programs?post=36462"},{"taxonomy":"regions","embeddable":true,"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/regions?post=36462"},{"taxonomy":"topics","embeddable":true,"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/topics?post=36462"},{"taxonomy":"collaborations","embeddable":true,"href":"https:\/\/www.climatepolicyinitiative.org\/id\/wp-json\/wp\/v2\/collaborations?post=36462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}