Transaction

Belterra - CRA agribusiness receivables certificates

Terms

Announced: 26 Jan 2023
Instrument: Debt
Amount: US$1.92mReported as R$10m to Belterra of a R$17m issue (R$7m to Conexsus), converted at 0.1925 USD/BRL (January 2023 average)
Source: belterra.com.br

Project developer: Belterra Agroflorestas
Country: Brazil
Capital providers: Capital providers and the amount counted for each
Party Role Amount Basis
Gaia Investor US$0.96m Estimated: an even share, 1 of 2
Santander Investor US$0.96m Estimated: an even share, 1 of 2
Fundo Vale First-loss provider Not credited Credit support, not a provider of capital
Good Energies Foundation First-loss provider Not credited Credit support, not a provider of capital

Capital providers and the amount counted for each
Party	Role	Amount	Basis
Gaia	Investor	US$0.96m	Estimated: an even share, 1 of 2
Santander	Investor	US$0.96m	Estimated: an even share, 1 of 2
Fundo Vale	First-loss provider	Not credited	Credit support, not a provider of capital
Good Energies Foundation	First-loss provider	Not credited	Credit support, not a provider of capital

Pathway: ARR (afforestation, reforestation, revegetation)
Project type as recorded: Cocoa-based agroforestry / soil carbon / reforestation (40,000 ha by 2030)

: Three-year agribusiness receivables certificates (CRA) in four risk tiers, structured by Gaia with Santander as lead coordinator. Fundo Vale and Good Energies Foundation took the philanthropic first-loss layer. Capital split between Gaia and Santander not disclosed, so split equally.

: A blended receivables issue: philanthropic first-loss from Fundo Vale and Good Energies Foundation sits under commercial tranches placed by Gaia and Santander.

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