&Green announced its first Brazilian and cattle sector transaction in June 2020. Agropecuária Roncador Ltda (Roncador) is a cattle and soy farmer operating on a farm of approximately 150,000 hectares in the State of Mato Grosso in Brazil. &Green has financed Roncador for the upscaling of its sustainable farming system that integrates crops (predominantly soy) with livestock ( ICL ) to their full farming operations. In addition, the project includes the recuperation of degraded pastures.


Agropecuária Roncador Ltda (Roncador)
Mato Grosso (Brazil)
Upstream Cattle and Soy
E&S Risk Category
&Green Investment
USD 10 Million loan
Investment Term
8-year tenor
Financial Structure
&Green provided a 8-year long term senior secured loan


*In 2022, there was a fire that affected ca.800 of forest at the farm, resulting in the GHG emission rate higher than the sequestration rate.

&Green invests in projects that approach land management from a regenerative agriculture perspective. Regenerative agriculture broadly refers to the adoption of production practices that understand the availability of the land’s natural resources, increase biodiversity, prioritize soil health and fertility, sequester carbon, and reduce or eliminate the use of pesticides. The principle behind regenerative agriculture is to protect and restore ecosystems’ health, instead of depleting it, therefore contributing to combating climate change, which aligns well with &Green’s vision to transform tropical commodity supply chains. 

Roncador’s production blueprint is a great example of how regenerative agriculture practices can be adopted in &Green’s investments.

At the core of the Roncador Landscape Protection Plan is the upscaling of an Integration Crop and Livestock (ICL) model: a form of mixed production that simultaneously utilizes part of the land for agriculture, namely soybeans and second-harvest maize, and part of the land for cattle, for the other (approximately) six months of the year. The overarching objective of the ICL model is to transition from monoculture (pasture) production to one that integrates components of different productive systems to achieve increasingly higher levels of product quality, environmental quality and competitiveness. ICL systems are a promising strategy to direct the expansion of pasture and crops towards already deforested areas and promote agricultural practices that can intensify production sustainably. By combining crop and livestock activities in the same area, farmers are able to increase fertility and organic matter in the soil. This favors biomass production and allows for higher stocking rates in pasturelands and higher productivity for grain cultivation. Such increase in the system’s total productivity represents a direct advantage for farmers if it can be translated into higher economic returns and soil conservation over the longer run. 


Ecological & Environmental Benefits


Improved use of natural resources through synergy between animal and plant components;


Improved physical, chemical and biological properties of soil thanks to increase of organic matter;


Greater input efficiency;


Reduced agrochemicals use to control insect pests, diseases, and weeds;


Reduced pressure to clear and open new areas for agriculture;


GHG mitigation resulting from increased sequestration capacity;


Reduced erosion risk.

Economic and Social Benefits


Increased yield and production quality;


Increased annual food production at lower costs;


Reduced production seasonality;


Reduced variability of herd size, less outsourcing needs and reduced sensitivity to market cycle and market prices for procurement;


Increased competitiveness of animal product chains in national and international markets;


Diversified commercial activities;


Enhanced public image of farmers, linked to environmental awareness.

See how regenerative agriculture practices were adopted in the HSJ transaction.



Roncador’s Landscape Protection Plan (LPP) is based on the company’s farming system which integrates crop production (predominantly soy) with livestock production (i.e. Integrated Crop and Livestock or “ICL”) on all of the farm’s productive areas. Impact targets linked to the ICL model include soy and cattle productivity improvements as well as annual information sharing activities to support the replication of this blueprint within the sector. In 2022, the farm achieved record-high soy and beef production, benefiting from productivity enhancements through the ICL model and favorable market conditions related to costs and prices. Soy production demonstrated a productivity increase of approximately 8% compared to the 2019 baseline (61.41 bags/hectare compared to 57 bags/hectare) bucking the national trend reporting negatively climatic and high production cost impact. Cattle production showed strong growth with 55% increase in productivity against the 2019 baseline (2.3 Unit of Animal/hectare compared to 1,48 Unit of Animal/hectares). Although cattle sales were strategically reduced due to low prices (vis-à-vis cost of production), as prices have improved the company is expected to benefit from this increase in 2023.



Fazenda Roncador (as well as Grupo Roncador) has been an established family-owned business, initially set up by Pelerson Soares Penido, and then run by his son and thereafter his grandsons since 1971. &Green was notified that Mrs. Rosa Penido Dalla Vecchia, the controlling shareholder of Roncador Group passed away in 2021 triggering a restructuring of the company and farming operations. To this date the restructuring is still not yet completed (although it is expected to conclude in 2023), as it requires a high degree of bureaucratical steps before judicial authorities, as well as a number of legal, tax and corporate actions.  

Family businesses are the backbone of Latin-America’s economy, as they support approximately 60% of the region’s GDP (reference article linked here). This is even more significant in agribusiness as most of corporate farms in Brazil, including S&E companies, are still ran as first or second-generation family businesses, similar to Roncador. As a result, succession and governance are of particular importance for financing institutions like &Green, who invest in these sectors and regions  



In May 2021, Roncador lost ownership and possession of over 4,500 hectares of native forest to the National Institute of Colonization and Agrarian Reform ( INCRA ), following a long-standing judicial dispute. &Green has been monitoring the forested area to assess its impact. Recent satellite images compared to 2020 show evidence of material degradation, although the area is not yet deforested. Forest alerts indicate that the unprotected forest is being exploited, likely for small-scale wood extraction. This case highlights the potential role of private sector actors like Roncador in forest protection in Brazil.

“The partnership built with &Green Fund is prosperous and we can highlight as one of the greatest assets the incentive to publish our Environmental Policy and our Environmental and Social Management System. In addition, we were positively encouraged to formalize the procedures already in place at the company and create routines for evaluating and measuring our sustainability indicators on an annual basis. We believe that the combination of our experience with sustainable food production and the incentive from &Green Fund strengthen the tripod of economic, social and environmental sustainability and are good for the Planet.”


Roncador’s CEO

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