Green Bond Fact Sheet

This fact sheet details a BRL 530 million (USD 131 million) green bond issued by Transmissora Serra da Mantiqueira (TSM), a special purpose vehicle controlled by the Brazilian energy holding company Alupar, to finance transmission infrastructure connected to Brazil's national grid.

• Transmissora Serra da Mantiqueira (TSM) issued a senior unsecured green bond on December 26, 2019, with a total amount of BRL 530 million (approximately USD 131 million) and a maturity date of December 15, 2044.
• The bond proceeds are designated for the financing and refinancing of a transmission infrastructure project linked to Brazil's national grid (SIN). This project, managed by TSM, involves constructing 330km of 500kV transmission lines, with work beginning in 2017 and an expected completion date in 2022.
• While the investment is not exclusively for renewable energy transmission, the Climate Bonds Initiative notes that the project supports the reliability of the national grid (SIN), which has a lower average emissions intensity than other isolated systems in Brazil and a rapidly growing proportion of renewable energy sources.
• The issuer committed to annual reporting on the allocation of proceeds via its website until full allocation, and will disclose environmental impact indicators and licensing status until the bond matures. Sitawi provided a second party opinion and will conduct post-issuance verification within one year of issuance.
• Alupar, the parent company of TSM, is a Brazilian energy holding company with operations in Peru and Colombia. Its portfolio includes 30 transmission systems (7,929km of lines) and 10 generation assets (687MW capacity), comprising seven operational hydro projects, one operational wind project, and two hydro projects under construction.

APA

Climate Bonds Initiative (2019). Green Bond Fact Sheet. https://www.climatebonds.net/files/drupal-files/files/2019-12_BR_Alupar_%28Transmissora_Serra_da_Mantiqueira%29.pdf

Chicago

Climate Bonds Initiative. Green Bond Fact Sheet. 2019. https://www.climatebonds.net/files/drupal-files/files/2019-12_BR_Alupar_%28Transmissora_Serra_da_Mantiqueira%29.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bond Fact Sheet |date=26 December 2019 |url=https://www.climatebonds.net/files/drupal-files/files/2019-12_BR_Alupar_%28Transmissora_Serra_da_Mantiqueira%29.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019green, author = {{Climate Bonds Initiative}}, title = {{Green Bond Fact Sheet}}, institution = {Climate Bonds Initiative}, year = {2019}, month = dec, url = {https://www.climatebonds.net/files/drupal-files/files/2019-12_BR_Alupar_%28Transmissora_Serra_da_Mantiqueira%29.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }