Terms
- Announced
- 21 Mar 2023
- Instrument
- Equity
- Amount
- US$23.0mReported as R$ 20 million per partner initially; R$ 120 million in total across six partners, converted at 0.1919 USD/BRL (March 2023 average)
- Source
- moneytimes.com.br
Parties
- Project developer
- Biomas
- Country
- Brazil
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis Itau Unibanco Investor US$3.84m Estimated: an even share, 1 of 6 Marfrig Investor US$3.84m Estimated: an even share, 1 of 6 Rabobank Investor US$3.84m Estimated: an even share, 1 of 6 Santander Investor US$3.84m Estimated: an even share, 1 of 6 Suzano Investor US$3.84m Estimated: an even share, 1 of 6 Vale Investor US$3.84m Estimated: an even share, 1 of 6
Carbon
- Pathway
- Afforestation / reforestation
What happened
- Itau Unibanco, Marfrig, Rabobank, Santander, Suzano and Vale each took a 16.66% stake in Biomas, a company set up to restore and conserve native forest in Brazil financed by carbon credits, each initially committing R$ 20 million. Money Times reports 'com a conclusao dos investimentos' after Central Bank approval for Itau and Santander.
Kumo note
- - Six Brazilian corporates and banks jointly capitalised a new company that restores native forest and sells the resulting carbon credits.
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