Church Pension Fund backs off-grid solar in Africa and Asia with USD 17m

(Photo: Business Wire)

January 4 (Renewables Now) - The Church Pension Fund (CPF) announced on Wednesday that it has invested in a USD-75-million (EUR 62m) off-grid solar fund that supports transactions in sub-Saharan Africa and South Asia.

More specifically, the financial services organisation that serves the Episcopal Church has invested USD 17 million in the Social Investment Managers & Advisors (SIMA) Off-Grid Solar and Financial Access Senior Debt Fund I BV. The particular fund offers loans to microfinance institutions, distribution companies and manufacturers in the off-grid solar sector.

This “socially responsible investment” by the CPF will impact the lives of over 1 million people, while reducing carbon dioxide (CO2) emissions by 4 million tonnes, said Asad Mahmood, CEO and Managing Partner of SIMA.

“This investment represents our second investment focused on the off-grid solar sector as market conditions in this space remain extremely strong,” commented Roger Sayler, Executive Vice President and Chief Investment Officer of CPF.

(USD 1.0 = EUR 0.831)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription