Faro Energy has issued what it claims is the first certified green bond for solar energy in Brazil.
The bond will be used to finance distributed solar power projects across the country – the company says Brazil’s solar market is growing rapidly and green financing solutions are “critical” to enable the market to continue to scale.
The bond has been verified by Bureau Veritas and certified according to the Climate Bond Standard and Certification Scheme.
Although solar bonds have previously been issued in Australia, India, Mauritius, Morocco, Nigeria, Singapore, the US and Europe, Brazil has only been home to wind-based green bonds until now.
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.”