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In Brazil, Proparco and Lightrock join forces to support ComBio and industrial sector decarbonization
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Proparco has announced its investment in ComBio alongside Lightrock, a regional Private Equity investor specialized on impact investing. This transaction marks Proparco’s first direct equity investment in the climate sector in Brazil, demonstrating our growing commitment to accelerating high-impact solutions in the country.
An agreement was reached for a USD 10 million investment by Proparco through Lightrock. The German development finance institution, DEG, made a similar USD 10 million investment through SPX Capital. The total USD 20 million investment by Proparco and DEG was carried out through co-investment vehicles. The funds will help strengthen the development of renewable thermal energy and industrial decarbonization in Brazil.
The transition of the industrial energy mix toward renewable sources is an essential strategy to reduce CO₂ emissions. In Brazil, ComBio is the leader in the production of steam using biomass locally sourced. Since the start of its operations in 2008, the company has already avoided around 4 million tons of CO₂. ComBio’s projects enable its clients to replace fossil fuels with biomass from renewable sources, thus reducing emissions and improving energy efficiency. Today, its solutions prevent approximately 670,000 tons of CO₂ per year — the equivalent of 17 days of emissions from the city of São Paulo.
Françoise Lombard, Proparco’s CEO, also reinforces the significance of the operation: “We are delighted to join Lightrock in investing in ComBio, alongside SPX Capital and DEG, reinforcing our commitment to climate action and supporting a company that significantly reduces CO₂ emissions.”
“We’re excited to partner with Proparco. Their deep commitment to Brazil and their strong sustainability agenda make them an outstanding ally for accelerating the energy transition in industrial processes. Proparco’s track record in financing renewable energy and efficiency projects, combined with their rigorous environmental and social standards, aligns perfectly with Combio’s mission. Together, we aim to decarbonize industrial processes in a way that delivers meaningful climate impact and long-term value”, Paulo Skaf Filho, CEO of Combio.
For Gustavo Verdelli, partner at Lightrock, the partnership reinforces the global commitment to the energy transition. "Proparco's investment shows confidence in ComBio's leadership and its mission to deliver clean, cost-efficient energy solutions on a large scale. With a proven model, based on long-term partnerships and measurable environmental impact, ComBio is in a unique position to accelerate the energy transition in Brazil."