Today at the twenty-first Board meeting (B.21) of the Green Climate Fund (GCF) in Manama, Bahrain, Climate Investor One (CI1) received board approval for an USD 100 million investment spread across CI1’s Development Fund & Construction Equity Fund vehicles. The GCF investment targeting 11 focus countries, including Burundi, Cameroon, Djibouti, Indonesia, Kenya, Madagascar, Malawi, Mongolia, Morocco, Nigeria, and Uganda, seeks to provide scalability to the CI1 facility, catalysing further private sector capital within the facility to enable the financing of renewable energy projects within these jurisdictions.
CI1 is a blended finance facility initiated by Dutch Development Bank, FMO. Its innovative financing approach is designed to provide funding to each stage of a renewable energy projects lifespan: development, construction and operations. With the support of GCF and the 11 emerging markets target countries, CI1 will be able to mobilise further commercial funds and build approximately 30 renewable energy projects over its lifetime, delivering an estimated 1,600+MW of additional capacity.
This GCF investment also seeks to contribute to the national climate targets of the 11 focus countries, including their Nationally Determined Contributions (NDC’s) to climate change, outlined during the United Nations Climate Change Conference (COP21), 2015.
On this milestone, Mr. Andrew Johnstone CEO of Climate Fund Managers, the program manager to Climate Investor One and Executing Entity (EE) of the approved GCF contribution said: “We are delighted to receive Board approval for this investment in Climate Investor One. The Green Climate Fund participation will facilitate scalability to CI1 culminating in an enhanced contribution to mitigating climate change, in so doing, helping countries reach their national climate targets and crucially provide additional MW’s of energy capacity in countries in need of further electrification. ”
CI1 also enjoys support from the EU through its External Investment Plan as part of its wider commitment to sustainable development and climate change mitigation, as well as cornerstone support from the Ministry of Foreign Affairs of the Netherlands and Nordic Development Fund (NDF)