IFC to Invest $15 Million in a Clean Energy Fund

In Clean Fund, Clean News, News, Renewable Energy
IFC

International Finance Corporation (IFC) – the financial arm of the World Bank – has proposed an equity investment of up to $15 million in South Asia Growth Fund II (SAGF II), L.P.

The fund’s offshore sponsor is GEF Capital Partners, a Delaware limited liability company.

IFC

The investment is capped at 20% of aggregate commitments, with an equivalent amount of co-investment envelope in SGAF II, a limited partnership organized in Ontario, Canada.

The fund is targeting $200 million in aggregate capital commitments to invest in eight to ten companies focused on energy efficiency, clean energy value chain, water recycling and efficient delivery, and environmental products and services in India and Bangladesh.

The fund will not invest in coal-related activities. In September last year itself, IFC had advised its clients in the financial sector to scale up their climate-related lending, cutting their exposure to coal to zero or close to zero by 2030.

The Corporation already excluded its coal-related investments from its loans.

IFC aims for project-level outcomes such as access to equity for small to mid-cap companies in India and increased environmental and energy efficiency within targeted sectors in India through the latest investment program.

Reference- IFC PR & website, Mercom India, Economic Times, Business Standard

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