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Company name

OPEA Securitizadora S.A.

Project number

14685

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Brazil

Sector

Agribusiness

Status

Proposed

Disclosed date

10/18/2024

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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11/18/2024

Approval date

N/A

Signed date

N/A

Sponsoring entity

OPEA Securitizadora S.A.

Investment Operations Department Contact

Corporates Division

Investment type

Syndicated amount

N/A

Financing amount

USD $ 25,000,000

Currency

USD

Project scope and objective

The Responsible Commodities Facility (RCF) is a farmer financing program initially implemented in the 2022/2023 crops season, that promotes the responsible production and trade of Deforestation and Conversion-Free (DCF) soy in Brazil's Cerrado biome. Managed by Sustainable Investment Management Ltd. (SIM), the RCF offers lower-interest credit lines as a financial incentive to soy farmers committed to zero deforestation and no conversion of native vegetation.

 

For the 2025/2026 season, the RCF plans to expand the program to US$200 million. IDB Invest aims to participate in this new funding round, contributing 12.5% of the total project cost through a 1-year bullet payment investment of up to US$25 million in the senior tranche, with US$10 million committed and up to US$15 million uncommitted credit lines.

 

The program operates as a self-liquidating special purpose entity, providing loans to farmers for short-term crop financing. These loans are through Rural Product Certificates (CPRs) issued by farmers with pledges of crop or fiduciary liens as collateral, which serve as assets for the agribusiness receivables certificates (CRAs), like an ABS (Asset Backed Securities), issued by Opea Securitization company to fund the program. The CRAs are expected to be classified as Green Bonds.

 

The specific objectives of the RCF 2025-2026 expansion include supporting approximately 500 farms with crop financing to produce 640,000 tons of DCF soy. The project will also conserve about 92,000 hectares of native vegetation, with at least 5% of excess native vegetation over the minimum required by local regulations, contributing significantly to environmental preservation. Additionally, it will help conserve over 38.9 Mt of CO₂ equivalent stocks on participating farms, further enhancing the program's positive climate impact

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

RESPONSIBLE COMMODITIES FACILITY - RESUMO DA REVISAO AMBIENTAL E SOCIAL (ESRS E PAAS)

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

pedro.mouracosta@sim.finance

PHONE NUMBER

+ 55 21 3596-4006

POST OFFICE ADDRESS

Rua Viscode de Pirajá, 407 Escritório 201 Rio de Janeiro Brasil

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

Escopo do projeto e rótulo objetivo

O Responsible Commodities Facility (RCF) é um programa de financiamento de agricultores, implementado inicialmente na safra 2022/2023, que promove a produção e o comércio responsáveis de soja livre de desmatamento e conversão (pela sua sigla em inglês “DCF”) no bioma Cerrado do Brasil. Administrado pela Sustainable Investment Management Ltd. (SIM), o RCF oferece linhas de crédito a juros mais baixos como incentivo financeiro aos produtores de soja comprometidos com o desmatamento zero e a não conversão da vegetação nativa.

 

Para a safra 2025/2026, a RCF planeja expandir o programa para US$200 milhões. O BID Invest pretende participar dessa nova rodada de financiamento, contribuindo com 12,5% do custo total do projeto por meio de um investimento, para repagamento integral em 1 ano, de até US$25 milhões na parcela sênior, com US$10 milhões comprometidos e até US$15 milhões em linhas de crédito não comprometidas.

 

O programa opera na forma de entidade de propósito específico autoliquidável, que concede empréstimos a agricultores para financiamento de safras de curto prazo. Esses empréstimos são feitos por meio de Cédulas de Produto Rural (CPRs) emitidas pelos agricultores com penhor de safra ou alienação fiduciária em garantia, que servem de ativo para os Certificados de Recebíveis do Agronegócio (CRAs), como um ABS (Asset Backed Securities), emitidos pela Opea Securitizadora para financiar o programa. A expetativa é que os CRAs sejam classificados como Títulos Verdes.

 

Os objetivos específicos da expansão do RCF em 2025-2026 incluem apoiar aproximadamente 500 fazendas com financiamento de safras para produzir 640 mil toneladas de soja DCF. O projeto também conservará cerca de 92 mil hectares de vegetação nativa, com pelo menos 5% de excesso de vegetação nativa além do mínimo exigido pela legislação local, contribuindo significativamente para a preservação ambiental. Além disso, ajudará a conservar mais de 38,9 Mt de estoques equivalentes de CO₂ nas fazendas participantes, aumentando ainda mais o impacto climático positivo do programa.

Revisão ambiental e social

O IDB Invest realiza uma due diligence ambiental e social (ESDD) compatível com a natureza, escala e estágio do projeto, e com seu nível de riscos e impactos ambientais e sociais. O ESDD confirmará a categorização E&S do projeto e avaliará o projeto com relação aos requisitos do cliente na Política de Sustentabilidade Ambiental e Social do IDB Invest. Os resultados do ESDD, incluindo quaisquer lacunas identificadas, são descritos no Resumo da Revisão Ambiental e Social (ESRS) fornecido abaixo. Para projetos aprovados a partir de 2016, quaisquer lacunas com relação à Política de Sustentabilidade Ambiental e Social do IDB Invest no momento do ESDD são abordadas no Plano de Ação Ambiental e Social (ESAP) apresentado abaixo, para cumprir com a data mencionada acima.

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