Nordic Development Fund joins Climate Investor One

Following NDF’s Board of Directors approval, NDF joins Climate Investor One (CIO) on the facility’s third close with a financing commitment of EUR 5 million. CIO is a “whole-of-life” financing facility mandated with delivering renewable energy projects in Africa, Asia, and Latin America.

CIO, launched in partnership between FMO, the Dutch Development Bank, and Sanlam Infraworks, part of the Sanlam Group of South Africa, is managed by Climate Fund Managers.

In the three completed closes, CIO has successfully secured commitments from institutional investors, development finance institutions and government-owned organizations, for a total of USD 535 million. Other investors joining CIO on the third close include Swedfund and IMAS Foundation (a sister foundation to the INGKA Foundation — the owner of INGKA Group, which in turn owns the majority of IKEA’s department stores globally), bringing third close commitments to ca. USD 75 million.

By providing adequate financing and efficient project management, CIO expects to complete 20 renewable energy projects in developing countries, representing additional energy capacity of ~1,100 MW and annually avoided GHG emissions of up to 1.2 million tons.

“NDF’s participation in the Development Fund is well-aligned with NDF’s Strategy and Mandate,” affirms Isabel Leroux, Program Manager at NDF. “By providing resources to early-stage project development, NDF will directly contribute to the scale of CIO’s impact.“

Original source: NDF
Published on 25 June 2018