Citrus – Brazil

Key Facts

• Client: Terra Viva
• Term: 10-year term loan (3-year grace period)
• Guarantee instrument: Maturity Subordination (Pari Passu with tenor extension)
• Guarantee exposure: EUR ~5.14 Mln / USD 5.37 Mln (~43% of loan, increasing to 100% in Year 7)
• Effective date: May 2025

Deal Summary

AGRI3 is supporting the mobilisation of EUR 12 Mln from Rabobank Utrecht for Terra Viva, a Brazilian fruit producer in Minas Gerais transitioning degraded pasturelands into sustainable citrus orchards, using regenerative agricultural techniques and SAI FSA-aligned practices.

The loan is used to restore approximately 400 ha of degraded land into productive citrus groves at a new farm site and expand the company’s existing certified orange production. The AGRI3 maturity subordination guarantee enables Rabobank to offer a 10-year tenor with a 3-year grace period, essential for the cash flow cycle of establishing a new perennial citrus plantation from scratch.

Impact Rationale

Terra Viva’s new Minas Gerais operations are fully aligned with SAI FSA standards, including integrated pest management (IPM), biofertiliser production and application, cover cropping, and crop rotation, practices that go well beyond what most regional citrus producers currently implement. The company has committed to preserving all 1,582 ha of registered native vegetation (316 ha APP and 1,266 ha legal reserve) across its farms, and to formalising Forest Code compliance. GHG emissions will be tracked through annual reporting with third-party verification.

Rural livelihoods impact is anchored by 114 permanent employees at the existing orange farm in Minas Gerais, with a target to add 10 new workers per year as the new farm develops. Wages for the lowest-paid workers are maintained at 15% above Brazil’s legal minimum throughout the loan. Terra Viva currently has a 50/50 gender split in the workforce and 39% female leadership commitments the company maintains through the loan term.

Impact Targets

Protection of natural ecosystem (direct and indirect)

Sustainable agriculture

Improved rural livelihoods