Sol Agora launches R$800 million FIDC to finance solar panels

Aiming to expand its business in financing solar panels, Sol Agora, a fintech from the Descarbonize Soluções group ecosystem and invested in by Canadian asset manager Brookfield, is launching its third FIDC (Credit Rights Fund), with an initial volume of R$800 million, which could reach up to R$1 billion.

The goal is to provide financing for 40 plants to be installed in homes and small and medium-sized businesses. Sol Agora receives R$1.1 billion in credit requests per month, and since the fintech was created, it has already granted more than R$1.2 billion in credit. By 2025, the expectation is to reach approximately R$1.4 billion.

“The Brazilian market is still in the first phase of the electrification cycle, with the installation of solar power plants. The US and Europe have shown the way and their investment cycle is about five years ahead of Brazil, which means we still have a lot of work ahead of us,” commented Eduardo Solamone, Capital Markets Superintendent at Sol Agora.

Aimed at institutional investors, the fund is 100% anchored by an international bank, but with space to be dedicated to current investors and some to new investors. The asset will have a risk rating from an international agency and contains protection against the volatility of future interest rates. In addition, it is divided into two risk classes, with the issuance of senior and mezzanine shares, with at least 12,5% ​​invested by the company itself in subordinated shares.

Sol Agora's new FIDC is a closed vehicle with shares with a nine-year term. In the first phase, lasting 12 months, the credits are acquired without payment of interest or amortization for the shareholders. In a second phase, all cash received in payment of the acquired credits is converted monthly into interest amortization and return of capital in favor of the shareholders until the full redemption of the investments.

The average term for returning capital from shares varies between three and three and a half years, depending on the class invested in. The fund has Banco Genial as administrator and Régia Capital as manager, the asset created through a joint venture between JGP and Banco do Brasil.

“Fund 3 is the result of the experience accumulated over the last few years as credit operators, delivering a high level of performance and governance to our investors,” concluded Solamone.

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