Sanlam Investments and Phoenix InfraWorks have announced the establishment of Sanlam InfraWorks – an investment and development company targeting infrastructure and climate related investments in global emerging markets.

The joint venture will bring together the capital raising track record and capability of Sanlam with the infrastructure and climate finance experience of Phoenix to produce a dynamic and scalable platform for investment and development, the company said in a statement.

As apart of the deal, Sanlam InfraWorks will acquire Phoenix InfraWorks’ existing 50% interest in Climate Fund Managers, the manager of Climate Investor One, a $412 million blended finance facility which provides capital for the development and execution of renewable energy projects in emerging markets.

“Energy, development and climate change are core issues for Africa, as well as the world,” said Nersan Naidoo, Chief Executive Officer of Sanlam Investments Core.

“I’m particularly pleased that, through the establishment of Sanlam Infraworks, we’ll be able to deliver long term-returns to investors and, at the same time, promote positive change to the environment,” he said.