Bradesco secures 57% of Eco Invest green auction

The Brazilian National Treasury released the results of the fifth Eco Invest auction on Wednesday, October 7, 2026. The auction will mobilize up to BRL 49.95 billion across six productive chains linked to innovation. Banco Bradesco emerged as the main winner by securing three of the six thematic lines, totaling BRL 28.5 billion in investment potential, or 57% of the total amount.

The blended finance program combines public catalytic capital with private funding. The National Treasury will contribute BRL 13.2 billion at an annual cost of 1% to banks, allocating BRL 9 billion for innovation equity funds and BRL 4.2 billion for corporate credit. The winning banks must raise the remaining BRL 36.7 billion from private sources. The overall auction saw an average leverage ratio of 3.8 times, and total bank demand reached BRL 181.3 billion across 23 bids from six financial institutions.

Bradesco won the green fertilizers, bio-inputs, and alternative proteins line, which holds BRL 9 billion in investment potential. It also secured biomaterials and green chemistry with BRL 8.5 billion, as well as the auction's largest segment, circularity of mineral and industrial waste, with BRL 11 billion. Within that waste line, BRL 8.8 billion is concentrated in recycling and waste recovery. In the other segments, Itaú won automation and artificial intelligence with BRL 9.75 billion, Santander took critical minerals and electric mobility with BRL 6.5 billion, and HSBC secured green fuels with BRL 5.2 billion.

Under the program terms, each thematic fund receives BRL 1.5 billion from the Treasury with leverage between 1 and 2 times, while catalytic credit ranges from BRL 100 million to BRL 1 billion with at least 3 times leverage. Winning banks must direct at least 10% of resources toward projects with universities and technological institutes or acquisitions of foreign tech companies, and between 15% and 45% must come from foreign capital. Winners must also make grant donations to technological entrepreneurship totaling BRL 250 million in the first year, of which Bradesco will contribute BRL 142.5 million.

Bradesco is the only bank to win allocations in all five Eco Invest auctions to date. Its asset management subsidiary, Tivio, will run the equity funds, and the bank is in advanced talks with managers KPTL and Finance in Motion. Caio Andrade, head of ESG at Bradesco BBI, noted that the bank structured its bids after assessing its client pipeline to balance leverage with competitive borrowing costs. Fabiana Costa, sustainability superintendent at Bradesco, confirmed that the institution completed 100% of its disbursements from the first Eco Invest auction at the end of September.