The financial close has been achieved for the public lighting concession in Rio de Janeiro, Brazil, by securing BRL925 million (US$173.59 million) in senior secured notes, which are issued via non-convertible infrastructure debentures with an interest rate of 12.50% and are due in 2032.

The project is owned by Green Luce Soluções Energéticas S.A., High Trend Brasil Serviços e Participações Ltda., Proteres Participações S.A., ARC Comércio Construção e Administração de Serviços Ltda. and Salberg S.A.. The notes for financing are guaranteed by the U.S. International Development Finance Corporation (DFC). Goldman Sachs worked as global coordinator, sustainability bond structuring agent, and initial purchaser on the issuance. White & Case acted as adviser to the project owners.

The amount raised from the transaction will be used in the modernization, maintenance, operation and management of the public lighting system as well as the installation and management of certain smart city technologies and traffic lights. The project includes the use of high-efficiency LED bulbs to reduce emissions, energy consumption and light pollution, and also includes the installation of 5,000 WiFi access points, 10,000 video cameras, 6,000 smart traffic management systems and 4,000 smart drains.