Faro Energy Group, the Brazilian unit of clean-energy investment firm Modern Energy Group LLC, has closed on $60 million for a fund that backs distributed solar-power projects in Brazil, wrapping up the vehicle after recently raising $30 million to add to capital commitments made since 2019.
Durham, N.C.-based Modern Energy helped raise capital recently committed to the Brazil-focused fund, said Faro Chief Executive Pedro Mateus. He said that the vehicle’s newly added backers are from the U.S., including a pension fund, two...