Testing, inspection and certification (TIC) provider, Bureau Veritas has verified the very first Certified Green Bond for solar energy in Brazil.
The bond has been issued by distributed solar energy company, Faro Energy in response to the rapid growth of the solar market in Brazil and will be used to finance distributed solar power projects across the country.
Bureau Veritas’ sustainability team provided expert verification through its dedicated Green Bond Verification Service, which adheres to the Climate Bond Standard and Certification scheme by Climate Bonds Initiative (CBI).
Vishal Goel, Principal Consultant – Sustainability for Bureau Veritas, says: “This is the first time that a Certified Green Bond has been issued for solar in Brazil and we’re thrilled that we were able to conduct our assessment and independent verification in this milestone achievement by Faro Energy, which should enable the continued evolution of the solar industry in South America.
“The Bureau Veritas Sustainability team has partnered with organisations on Climate Bond verification since the CBI criteria was launched and in fact verified the first certified climate bond in the UK. As such, we have the technical expertise and experience required to assess whether eligible projects meet the rigorous CBI requirements as well as conduct second party opinions against Green Bond Principles.”
Sarah Chapman, CEO of Faro Energy, says: “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.”
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