DWM Invests $60.8 Million to Promote Solar and Climate Solutions
(3BL Media/Justmeans) – To control climate change and to create a safe and clean environment, it is critical to make a global transition to a zero-carbon economy. This involves switching over to renewable energy in both homes and commercial buildings across the world.
Developing World Markets (DWM), Church Pension Fund and Wespath Benefits and Investments have invested $60.8 million earmarked for solar home solutions and other forms of renewable energy as well as CO2 and GHG mitigation activities.
The investment has been made in 11 businesses promoting renewable energy and climate solutions across Latin America, Africa and Asia. According to DWM estimates, the funding will enable about 200,000 families to access solar home solutions.
DWM structured the transactions, and the investees include off-grid solar operating companies, D.light, Kingo Energy, and Off-Grid Electric, as well as microfinance institutions Saija Finance, Satin Creditcare Network, KMF (Kazakhstan), XacBank, FDL (Nicaragua), Produbanco (Ecuador), Banco Procredit (Ecuador), and FINCA Nicaragua.
Peter Johnson, Managing Partner of DWM, said that the companies financed by these funds are employing innovative, market-based mechanisms to solve critical development needs. For the equivalent price of what was previously spent on outdated energy sources such as kerosene, low-income individuals in developing countries can access clean, modern renewable energy technology for their homes and families.
Roger Sayler, Managing Director and Chief Investment Officer of the Church Pension Fund, said that this investment will impact the lives of people on three different continents and is reflective of their commitment to earning a competitive rate of return. According to Dave Zellner, Chief Investment Officer of Wespath Benefits and Investments, this impact investment reflects the intent that the fund’s global investment activities have a positive impact on society and the environment while earning a market rate of return.
Since its founding in 1994, DWM has structured and invested over $1 billion into more than 170 companies across more than 50 developing countries.
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