Brazil: Sicredi Green Loan

approved

The proposed Project is a non-sovereign-backed on-lending facility of up to USD 100 million to Banco Cooperativo Sicredi S.A. (Banco Sicredi), a cooperative bank in Brazil which is part of the larger Sistema de Crédito Cooperativo - Sicredi (Sicredi System or Sicredi), to support renewable energy initiatives, particularly solar photovoltaics (PV) projects with capacity of equal to or less than  1 MW, in Brazil. The Banco Sicredi will on-lend the funds to credit unions under the Sicredi System to further on-lend for the installation of  solar PV to its customers, who are members of its 103 credit unions located across all regions of the country. AIIB's facility will be entirely dedicated to climate change mitigation financing. By financing only up to 50% of the underlying projects, AIIB's involvement is designed to catalyze private sector investment, thereby broadening the counterpart's funding sources and directing capital towards expanding renewable energy generation capacity.