AgFunder News: Solinftec Secures $27m Climate Bond Funding, a First For AgTech
Brazilian farm management platform Solinftec has raised 140 million reals ($26.6 million) in the form of a Green Agribusiness Receivables Certificate (CRA-Green).
CRAs are fixed income instruments which allow businesses in the agrifood sector to securitize the payments they are owed by their customers. The CRA-Green is a version overseen and certified by the global Climate Bonds Initiative (CBI).
Solinftec said in a statement that it will use the funds to improve and develop its precision agriculture technologies “with a focus on mitigation, adaptation, and resilience to climate change.”
It continued, “the funds raised will be used for environmental projects that fall into the categories of environmental management of living natural resources and land use, adaptation to climate change and eco-efficiency, pollution control and prevention, renewable energy, and water management.”