Fund manager Augment Infrastructure has partnered with IFU, Denmark鈥檚 state investment programme for developing markets, to make an $85m (鈧�83m) equity investment in 脫rigo Energia to help the Brazilian renewables firm expand its solar generation assets.
脫rigo, which currently operates around 150MW of renewable energy in Brazil, owns solar farms and serves residential customers and small and medium enterprises.
The new equity investment is expected to help to further expand 脫rigo鈥檚 solar-generation assets within the next 12-18 months.
IFU said its investment has been made through the Danish Sustainable Development Goals Investment Fund (SDG Fund I), a fund backed by Danish and Swedish pension funds and institutional investors. The investment in 脫rigo is SDG Fund I鈥檚 largest single investment thus far.
Torben Huss, the CEO of IFU, said: 鈥淚FU has made several investments in renewable energy in Brazil, and we are pleased to continue our engagement in supporting the green transition in the country through our SDG Fund I by investing in 脫rigo Energia, a business model innovator and a solar DG developer in Brazil.鈥�
The deal is IFU鈥檚 second partnership with Augment Infrastructure following its joint investment in Indian commercial and industrial developer CleanMax in 2021.
Viktor Kats, managing partner of Augment Infrastructure, said: 鈥淲e are excited to become a shareholder in 脫rigo Energia. Brazil has implemented a robust regulatory framework that we believe promotes the growth of distributed generation in the country and makes Origo well positioned to maintain its leadership in the sector.鈥�
Surya Mendon莽a, 脫rigo Energia鈥檚 CEO, said: 鈥淭his capital contribution provides 脫rigo with the autonomy to accelerate the construction of solar farms, to continue investing in technology, and to expand its service to new geographies.
鈥淭his, in turn, democratises access to solar energy, which allows for the preservation of natural resources and client savings on electricity bills.鈥�
脫rigo鈥檚 shareholders include TPG ART Fund, MOV Investimentos and Mitsui.
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