50848 - Patria Reforest

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Summary of Investment Information

Project Number

50848

Company Name

Patria Latam Reforest Fund I Fundo de Investimento em Participacoes Multiestrategia IS

Date SPI Disclosed

Oct 6, 2025

Country

Brazil

Region

Latin America and the Caribbean

Projected Board Date

Nov 5, 2025

Environmental Category

FI-1 - Significant

Status

Hold

Last Updated Date

Apr 2, 2026

Department

WBG Prosperity

Industry

other

Previous Events

Approved : Nov 5, 2025

Sector

Other Non-Fund

Additional Project Attributes

Blended Finance

Project Description

The investee will be a special purpose entity (the SPE) capitalized by Patria Reforest Fund I (the Fund) and potentially IFC, along with other investors. The SPE will provide financing to a portfolio of afforestation, reforestation, and revegetation (ARR) sub-projects in Brazil, including Productive Restoration and Ecological Restoration projects, with an initial focus on greenfield projects in the Atlantic Rainforest biome. The financing would enable the restoration of 12,000 hectares of reforestation, and generate 1.5 million carbon removal credits over 15 years. The strategy is targeting to raise up to US$100-200 million equity and up to US$40-85 million debt. The Project is expected to be supported by the Frontier Opportunities Fund (FOF) as described in the Blended Finance Section.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity	5.0

Development Impact

The Project is expected to deliver substantial environmental and social benefits by supporting carbon sequestration through ARR initiatives in Brazil’s Atlantic Rainforest biome, one of the most degraded ecosystems in the country. By restoring native vegetation and implementing agroforestry systems on degraded lands, the Project will not only generate carbon credits but also enhance biodiversity, reduce soil erosion, and improve water quality. It aims to catalyze a shift from traditional commercial forestry and agriculture to sustainable silviculture and perennial crop systems, fostering long-term climate resilience, strengthening local livelihoods, and promoting a regional bioeconomy. Through this integrated approach, the Project contributes to low-carbon development pathways and adaptive capacity.

IFC's additionality in the Project is both financial and non-financial. Financial additionality stems from structuring, where IFC will offer a longer tenor than is commonly available in the market and repayment terms have been tailored to align with the cash flow generation cycle of the underlying assets. IFC will also provide an own-account equity investment in the Project. IFC’s role as an anchor investor also serves to validate the strategy and catalyze the mobilization of additional private capital. Non-financial additionality is equally significant. The Fund’s investment team will benefit from IFC and the broader World Bank Group’s deep expertise in carbon markets, facilitating alignment with evolving market standards and the development of credible, high-impact carbon investment strategies. Further, IFC will support the Fund in adopting best-in-class environmental and social (E&S) practices in accordance with IFC’s Performance Standards (PSs) and uphold integrity principles aligned with IFC’s integrity Deal Acceptance Criteria (DAC) for carbon projects. Patria will also leverage IFC’s Plataforma ELOS (Brazil2Equal Program), a peer learning platform aimed at demonstrating how greater gender and racial equity can enhance climate performance in Brazil’s private Agriculture and Forestry sectors.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available
GHG Emissions Reduction/Avoidance per year	ton CO2e per year	GHG estimate reflects a pro-rata approach to GHG accounting for carbon funds with an attribution factor based on IFC investment. Carbon credits expected by 2030: 55,360, estimated using a simple pro-rata approach that annualizes the total carbon credits generated, rather than using the S-curve model associated with carbon credit delivery	Not Available	Not Available	Not Available
Number of Outstanding Loans, Climate	number	Loans and equity financing provided by the fund	Not Available	Not Available	Not Available
Value of Outstanding Loans, Climate	$	Loans and equity financing provided by the fund, equal to expected fund size	Not Available	Not Available	Not Available
Board Composition - Total (#)	number	The Fund will establish a "Management Forum" instead of a traditional "Board", so the reference to "Board" in this context pertains to the Forum. Additionally, we plan to track both the total number of Forum Members and the percentage of female representation within the Forum.	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals		Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals		Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available
GHG Emissions Reduction/Avoidance per year	ton CO2e per year	GHG estimate reflects a pro-rata approach to GHG accounting for carbon funds with an attribution factor based on IFC investment. Carbon credits expected by 2030: 55,360, estimated using a simple pro-rata approach that annualizes the total carbon credits generated, rather than using the S-curve model associated with carbon credit delivery	Not Available	Not Available	Not Available
Gross Value Added	USD M		Not Available	Not Available	Not Available
Number of Outstanding Loans, Climate	number	Loans and equity financing provided by the fund	Not Available	Not Available	Not Available
Value of Outstanding Loans, Climate	$	Loans and equity financing provided by the fund, equal to expected fund size	Not Available	Not Available	Not Available
Board Composition - Total (#)	number	The Fund will establish a "Management Forum" instead of a traditional "Board", so the reference to "Board" in this context pertains to the Forum. Additionally, we plan to track both the total number of Forum Members and the percentage of female representation within the Forum.	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals		Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Borrower and Investee is a SPE, entity, capitalized by the Fund, providing debt and equity financing to a portfolio of greenfield ARR sub-projects in Brazil, leading to carbon mitigation and generating carbon credits. Although sub-projects are expected to be nature-positive, E&S risks are potentially high and mostly associated with land acquisition, biodiversity, labor and potential impacts on indigenous peoples and local communities. Contextual risks relevant to sub-projects include land tenure and livelihood related impacts to local communities. To mitigate such risks, the SPE and Fund Manager will be required to screen and manage sub-projects against the IFC Exclusion List, applicable host country E&S laws and the IFC PSs. Although category A sub-projects will not be eligible and mechanisms for IFC monitoring are to be agreed prior to first disbursement, the Project has been categorized as FI-1, accounting for the high contextual risk.

Although Patria is an existing client with satisfactory performance, Patria’s E&S Policies are established at a corporate level (Responsible Investment Policy since 2019). At the Fund level, a tailored E&S Management System (ESMS) to the Project is under development, as well as the necessary protocols and procedures. The E&S risks and impacts associated with the Project originate from the activities of the Fund’s investee sub-projects and their ability to manage these risks and from the Fund Manager’s capacity to i) identify E&S risks upfront and screen out category A transactions, as well as apply the IFC PSs to the supported transactions; ii) design and agree on corrective actions; and iii) monitor their implementation. To manage such risks, Patria will be required to enhance its ESMS aligned to the IFC PSs with risk assessment, control and oversight processes commensurate to the level of E&S risks and exposure of this Fund’s pipeline. Patria will develop a system to verify that the sub-projects overall: (i) do not generate significant negative impacts on nature; (ii) do not involve conversion of Natural Habitat or Critical Habitat ; (iii) do not lead to potentially adverse impacts on highly threatened species, (iv) are certified for sustainable management practices or independently verified against recognized standards and (v) area not located in UNESCO Natural or Mixed WHS and/or AZE sites, unless the sub-projects are designed for the conservation of these areas and the relevant institutions provide explicit consent The Fund will be retaining qualified external consultants to undertake E&S due diligence, including outlining action plans and monitoring provisions to be included in legal documentation for all sub-projects. Sub-projects will be monitored by external consultants on a yearly basis. Category A sub-projects will not be eligible.

Patria has a dedicated Responsible Investment and Sustainability team that includes a Head of Responsible Investment and Sustainability, Senior Manager, Analyst and External dedicated Senior Advisor.

The Fund will also develop an External Communications Mechanism (communication channels, procedures, logbook) tailored for this Fund, including workers, communities and other stakeholders involved in the daily activities of the Fund Manager, aligned with PS 1. As part of the Project, SPE will be required to: i) appoint a full-time E&S officer to oversee the ESMS Enhancement and Implementation of this Fund, and have biodiversity and social specialists on retainer with relevant and proven experience in the IFC PSs; ii) enhance the ESMS to include a robust framework adaptable to sub-projects with fit for purpose protocols and procedures; iii) implement an E&S monitoring committee to review ESMS implementation; iv) provide staff training; v) submit the first 3 ESDDs prior to investment; and vi) submit a periodic report to IFC.

S.no	Title	Anticipated Completion Date
1	Organizational Capacity	01/09/2026
2	ESMS Enhancement	01/09/2026
3	E&S Monitoring Committee	01/09/2026
4	Training Program on Enhanced ESMS	07/08/2026
5	External Communication Mechanism	06/16/2026

Contacts

For Inquiries About the Project, Contact

Kamaroopin Gestora de Recusos LTDA, a wholly owned entity of Patria Investments Limited
Beatriz Lutz
Partner
+5511985328151
Beatriz.Lutz@patria.com
Av. Cidade Jardim, 803, 8º andar 01453 000, São Paulo, Brazil
https://patria.com/

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