Madrona advises Combio on BRL 200m debentures

Madrona Advogados acted as legal counsel to Combio Energia on the issuance of non-convertible, secured debentures in a single series, for public distribution under the CVM 160. The transaction totalled BRL 200 million and was directed exclusively to professional investors, with a firm placement guarantee. The debentures are secured by a fiduciary assignment of Combio Energia’s credit rights.

The proceeds will be used exclusively to finance a project under the blended finance subcategory of Brazil’s Eco Invest Program, within the scope of the External Private Capital Mobilization and Exchange Rate Protection Line, which forms part of the Ecological Transformation Plan approved by the Ministry of Finance. The project falls within the “renewable energy and energy efficiency” category, specifically targeting the generation of energy from biomass derived from sustainable sources.

Madrona Advogados’ capital markets team was led by partner Luis Bellini, alongside Gabriela Ticianelli and Victoria Fusita.

Combio Energia was also assisted by in-house lawyer Carla Pereira.

Cescon Barrieu Advogados advised the lead coordinator, with Breno Cavalheiro and Lucas Padilha acting on the matter. The transaction involved Vórtx Distribuidora de Títulos e Valores Mobiliários and Banco Santander (Brasil) as financial institutions.