Análise do uso de debêntures conversíveis para financiamento de projetos de energia solar

Abstract

This paper analyzes the use of convertible debêntures to finance the power generation from solar sources. The research compares the funding of convertible bonds with the issuance of conventional debêntures and discusses how the first instrument remunerates the risks inherent in energy projects in such a way that the energy producer can raise funds at a lower cost, as long as it grants to the lender the right to participate in the project if the project's success exceeds expectations of return to the level of risk incurred. From a description of the performance of the securities market, exploration of issuance documents and design of a convertible issue, it was concluded that the issue has greater advantages for both involved. Although, the creditor must stick to the issuance objective for a better design that benefits the issuance, while the subjectivity of the conversion criteria can be mitigated by defining parameters for exercising this right. This research evidenced the need for the design of the convertible debenture to be done in such a way that there is an adequate division of risks and remuneration between the borrower and the lender, so that the instrument has attractiveness, in a context where the sources of public financing are scarce and where there is a need to improve the Brazilian capital market, so that financial intermediation can support sustainable development.