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)