Financing Innovation of the Year: CELSE

Financing Innovation of the Year: CELSE

Our next winner helped to push new boundaries for project finance in Brazil. It turned to bond buyers and multilateral lenders in dollars and reais. In this deal, Swiss ECA Serv also provided its first guarantee to a bond, a practice usually reserved for bank loans. The winner also tapped IDB Invest for a triple-tranche $282m loan that came with a tenor of up to 15 years, which was notable for being the first time IDB Invest has provided reais against Brazil's inflation indexed IPCA.

For its innovation and multitude of funding sources, this year’s winner is CELSE.