Brazil approves first infra debenture issue to finance irrigation project
Brazil's regional development ministry authorized agricultural firm Santa Colomba Agropecuária to issue infrastructure debentures to finance an irrigation project, the first of its kind in the segment.
The company was authorized to raise up to 175mn reais (US$33.8mn) for the project in Cocos, Bahia state. Total capex is 470mn reais, according to a ministry release.
As infrastructure debentures count with tax exemptions for investors, they must receive authorization from the ministry.
The funds to be raised by Santa Colomba Agropecuária will be used to construct around 40km of irrigation canals and seven water storage wells, among other things. Some 7,000 people will benefit from the project, which is expected to be completed in December 2029, the release states.
Other sectors that have received authorization to issue infrastructure debentures include logistics and transport, urban mobility, energy, telecommunications, basic sanitation and public lighting.
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