The indicative proposed investment consists of a 3-year loan of up to US$150 million to Banco Santander (Brasil) S.A. (“Santander” or the “Bank”), an existing IFC client since 2009. The proposed investment aims to continue supporting the Bank’s lending to climate-smart sub-projects, with a focus on Renewable Energy (“RE”), by providing financing for solar panel sub-loans (the “Project”). This Project is part of IFC’s strategy of fostering the greening of the banking sector in Brazil.
Brazil's climate finance market is currently dominated by financial institutions, which provide a general level of climate finance opportunities to their clients. To achieve its ambitious climate finance targets under the Paris Agreement, however, Brazil is relying on the private sector to channel more financial resources towards climate finance activities, including to retail and SME segments. As a systemically-relevant financial institution with country-wide reach and in-depth market presence, Santander is in a strong position to serve as a demonstration example for other funding providers to significantly scale-up climate finance in Brazil through expansion of green lending financial and non-financial products and services, as well as by promoting affordability of green finance in the market. IFC expects that the proposed investment, combined with IFC's capacity building activities, will promote greater environmental sustainability by furthering international green lending principles in the climate finance segment. Further, IFC expects this project to demonstrate the commercial viability of expanding climate lending to retail customers and small and medium-sized enterprises ("SMEs") and therefore encourage replication by other institutions to significantly influence market movement.
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