Faro Energy Joins Nasdaq’s Sustainable Bond Network
Distributed solar energy developer becomes the first South American Issuer to join the platform
Sao Paulo, Brazil – December 8, 2020 – Faro Energy, a leading distributed solar developer in Brazil, became the first South American issuer to join Nasdaq’s Sustainable Bond Network (NSBN). This platform provides detailed information on sustainable bonds and includes data on each issuance’s impact on sustainable development goals.
“With our partners Tozzini, Gaia, and BTG Pactual, we created a green finance solution with social impact. We believe this is the first step to open profitable and impactful opportunities for investors,” said Faro Energy CEO Pedro Mateus. “We are proud to join NASDAQ’s Sustainable Bond Network to demonstrate how these types of sustainable financial products can help us to achieve a zero-carbon economy.”
Projects funded by Faro’s sustainable bond generate enough energy to supply more than 3,300 Brazillian households with their annual electricity needs, while avoiding more than 2,800 tons of CO2/year. Earmarked proceeds also fund a pilot project with the Brazilian NGO Gaia+ to provide 600 young students in the state of Minas Gerais with educational programming. Each solar project can create up to 25 jobs per MWp installed during the construction phase, and each project is anticipated to be a meaningful source of local tax revenue for its lifetime.
Faro Energy’s January 2020 issuance included on NSBN was underwritten and distributed by BTG Pactual with legal structuring by TozziniFreire. Gaia Sec was the financial advisor, and H. Commcor was the Trustee. Bureau Veritas independently evaluated the two projects associated with the sustainable bond under the Climate Bond Initiative standards.
About Faro Energy
Faro Energy identifies, develops, and finances distributed solar energy projects in Brazil. With projects in operation and under construction in various Brazilian states, Faro helps accelerate Brazil’s transition to a carbon-free economy. Faro is a Modern Energy company and a proud Certified B Corporation. For more information, visit www.faroenergy.com.