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__Member Training: A Spotlight on Blended Finance in Latin America and the Caribbean, May 29th, 2024, 9:00am-10:15am EST__

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Details to follow.

Member Training: A Spotlight on Blended Finance in Latin America and the Caribbean

Join us for a Spotlight on Blended Finance in Latin America and the Caribbean

Blended Finance in Latin America and the Caribbean

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__Member Training: A Spotlight on Blended Finance in the Asia-Pacific, March 27th, 2024, 9:00am-10:15am EST__

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Details to follow.

Member Training: A Spotlight on Blended Finance in the Asia-Pacific

Join us for a Spotlight on Blended Finance in the Asia-Pacific

Blended Finance in the Asia-Pacific

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__Member Training: A Spotlight on Blended Finance across the African continent, January 31st, 2024, 9:00am-10:15am EST__

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Details to follow.

Member Training: A Spotlight on Blended Finance across the African Continent

Join us for a Spotlight on Blended Finance across the African continent

Blended Finance across the African Continent

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__Wednesday, January 24th, 2024, from 9:00 am-10:00am SGT__

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We invite you to join us virtually for an information session on the [Asia Climate Solutions (ACS) Design Grant](https://www.convergence.finance/design-funding/open-window/Asia-climate-solutions-design-grant). The ACS Design Grant awards feasibility study and proof of concept grants for the design and launch of innovative blended finance solutions that mobilize private capital to sectors critical for climate transition and resilience in developing markets in Asia including nature-based solutions (NbS), clean energy transition, and sustainable cities and infrastructure.

Register for the webinar to:
- Learn about Convergence’s Design Funding Program and the ACS Design Grant
- Hear from one of our grantees about their experience of designing a blended finance vehicle
- Gain insight into how to apply, grant eligibility, and evaluation criteria
- Get your questions answered, and more

The anchor donors of the ACS Design Grant are the Monetary Authority of Singapore, the Department of Foreign Affairs and Trade Australia, Olayan Group, and UBS Optimus Foundation.

The ACS Design Grant is currently open. The deadline to submit concept notes is coming up on __February 12, 2024__. Visit the [ACS Design Grant page](https://www.convergence.finance/design-funding/open-window/Asia-climate-solutions-design-grant) to learn more and apply.


Asia Climate Solutions Design Grant: Info Session (Asia/West Coast)

Join us virtually to gain insight into the application process for the Asia Climate Solutions Design Grant

Learn about the Asia Climate Solutions Design Grant

__Tuesday, January 23rd, 2024, from 9:00 am-10:00am EST__

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We invite you to join us virtually for an information session on the [Asia Climate Solutions (ACS) Design Grant](https://www.convergence.finance/design-funding/open-window/Asia-climate-solutions-design-grant). The ACS Design Grant awards feasibility study and proof of concept grants for the design and launch of innovative blended finance solutions that mobilize private capital to sectors critical for climate transition and resilience in developing markets in Asia including nature-based solutions (NbS), clean energy transition, and sustainable cities and infrastructure.

Register for the webinar to:
- Learn about Convergence’s Design Funding Program and the ACS Design Grant
- Hear from one of our grantees about their experience of designing a blended finance vehicle
- Gain insight into how to apply, grant eligibility, and evaluation criteria
- Get your questions answered, and more

The anchor donors of the ACS Design Grant are the Monetary Authority of Singapore, the Department of Foreign Affairs and Trade Australia, Olayan Group, and UBS Optimus Foundation.

The ACS Design Grant is currently open. The deadline to submit concept notes is coming up on __February 12, 2024__. Visit the [ACS Design Grant page](https://www.convergence.finance/design-funding/open-window/Asia-climate-solutions-design-grant) to learn more and apply.


Asia Climate Solutions Design Grant: Info Session (Europe/East Coast)

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You're invited on __December 13th at 9:00AM ET__ for an update on Blended Finance in Latin America and the Caribbean (LAC).

Convergence’s Historical Deals Database has recorded 171 blended transactions targeting LAC in part or in full, representing aggregate committed financing of $26 billion.

LAC remains a popular area of interest for blended finance practitioners, and blended finance can play a pioneering role, working alongside local governments by deploying catalytic capital into emerging segments and pockets of competitiveness, paving a road for private capital to follow. Join us as we discuss the trends, opportunities, and challenges of blended finance in LAC. The presentation will include a panel discussion with investors in the region.

__AGENDA__ 
9:00-9:05AM – Opening Remarks with Heiner Skaliks, Senior Advisor, LAC 
9:05-9:15AM – Data highlights, Andrew Apampa, Manager & Sneha Thayil, Senior Associate 
9:15-9:45AM – Panel discussion with investors: 
- Diego Penagos, Senior Investment Specialist, ProColombia
- Karla Gallardo, CEO, Viwala
- Ariane Pevide, Blended & Climate Finance Director, MUFG Bank 
9:45-9:55AM – Q&A 
9:55-10:00AM – Closing remarks

__Recommended Reading:__ 
[Blended Finance in LAC](https://www.convergence.finance/resource/blended-finance-in-latin-america-and-the-caribbean/view) (member-only) 
[Can blended finance help to address Latin America’s development challenges?](https://www.convergence.finance/news-and-events/news/45fkxIORuITCWXb0WznrqZ/view) 
Developing the Solar Market in Uruguay ([English](https://www.convergence.finance/resource/developing-the-solar-market-in-uruguay-case-study/view)) ([Spanish](https://www.convergence.finance/resource/desarrollando-el-mercado-solar-en-uruguay-caso-de-estudio/view))

 Blended Finance in Latin America and the Caribbean

Join us for for an update on Blended Finance in Latin America and the Caribbean (LAC).

Blended finance to mobilize private investment to climate adaptation: Progress to date and bigger potential going forward 

__Dec 4, 2023, 4:00PM-4:45PM GST__ 

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__Background__ 
Developing countries and the international development finance community have identified the need to increase total investment in climate adaptation projects in Low and Middle-Income Countries. Convergence’s [State of Blended Finance 2023 Report](https://www.convergence.finance/resource/state-of-blended-finance-2023/view) estimates the annual blended finance flows (deploying concessional/catalytic public and philanthropic funds to concurrently achieve climate impact and mobilize private investment) for climate mitigation and climate adaptation.

The [Organisation for Economic Co-operation and Development (OECD)](https://www.oecd.org/climate-change/finance-usd-100-billion-goal/) reports all public sector development finance mobilizes around $13 billion of private investment annually; with less than 25% estimated for climate adaptation.

__About the panel discussion__ 
The session will focus on identifying existing blended finance activities and future scalable activities to increase climate impact in Emerging Markets & Developing Economies (e.g., Low and Middle-Income Countries) by mobilizing larger amounts of total and private investment to climate mitigation and climate adaptation projects. 

 __Agenda__ 

| Time | Description |
| -- | ---------- |
|4:00PM-4:04PM| Opening Statement by __Ville Tavio__, Finland Minister of Foreign Trade & Development |
| 4:04PM-4:12PM| Session introduction by __Karin Isaksson__, Managing Director, Nordic Development Fund |
| 4:12PM-4:18PM| Presentation on blended finance market/ecosystem for climate by __Joan Larrea__, CEO, Convergence 
| 4:18PM-4:33PM| Panel Discussion, moderated by __Joan Larrea__, CEO, Convergence, featuring panelists: - __Benjamin E. Diokno,__ Secretary of Finance, Philippines, Chair of the G24 - __Marc-Andre Blanchard__, Executive Vice President, Global Head of Sustainability, CDPQ - __Karin Isaksson__, Managing Director, Nordic Development Fund |
| 4:33PM-4:43PM| Questions and Answers |
| 4:43PM-4:45PM| Nordic Development Fund and Convergence wrap up |

COP28 Panel Discussion: Blended finance to mobilize private investment to climate adaptation: Progress to date and bigger potential going forward 

Join us to learn about blended finance to mobilize private investment to climate adaptation: Progress to date and bigger potential going forward 

Blended finance for private investment to climate adaptation

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__December 3, 2023, 2:10PM - 3:10PM GST__

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The [Asia Climate Solutions (ACS) grant](https://www.convergence.finance/design-funding/open-window/Asia-climate-solutions-design-grant) was launched in Oct 2022 to support the early-stage design, pilot, and launch of innovative catalytic blended finance solutions. The grant will mobilise capital toward high impact target sectors in Asia.

Key awardees of the ACS grant will showcase their solutions in this segment, and experienced panelists will provide feedback on the respective showcases.
Attendees can also participate in the dialogue and share their own feedback to the grant awardees.

__Panelists:__ 
- Joan M. Larrea ,CEO, Convergence
- Audra Low, CEO, CCPL
- Park Kyung Ah, MD ESG Investment, Temasek
- Patti Chu, Head of Impact Investment, Silverstrand

*Pitch participants (to be announced live at the session)*

COP28 Innovation Showcase: Designing blended finance for climate goals

Join us for a showcase of key awardees of the Asia Climate Solutions (ACS) grant

Innovation Showcase: Blended finance for climate goals

Unlocking Climate Blended Finance in the Middle East and North Africa (MENA) region 

__Dec 2, 2023, 2:30-4:00 GST__ 

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__Background__

The Middle East and North Africa (MENA) region faces a critical juncture in sustainable development financing, particularly in pivotal sectors such as energy, agriculture, and water and sanitation. Despite the significant financial resources within the region, the utilization of blended finance remains disproportionately low. MENA has seen economic growth but still faces infrastructure deficits, high unemployment, and climate vulnerability. The region held over $3 trillion in sovereign wealth capital as of 2021, presenting vast potential for investment. However, to date, the MENA region has recorded only 76 blended finance deals, amounting to about $14 billion in total financing volume.

__About the panel discussion__ 
The session will explore:
- How to utilize blended finance to mobilize capital for climate finance in MENA
- What regulatory barriers may be inhibiting climate blended finance investments in MENA?
- What are successful examples of innovative climate blended finance structures and instruments deployed to mitigate risks and mobilize private investments in other regions that can shed light on how to best replicate in MENA?
- Given the enormous sovereign wealth capital in MENA, how can we best incentivize and encourage the use of this capital in a more catalytic manner? 

__Agenda__ 

| Time | Description |
| ---------- | ---------- |
|2:30PM-2:35PM | Welcoming Remarks by __Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan__, CEO, UAE Independent Climate Change Accelerators (UICCA) |
| 2:35PM-2:40PM | Opening Remarks by __Joan Larrea__, CEO, Convergence |
| 2:40PM-3:10PM | Panel Discussion 1. International practices, moderated by __Joan Larrea__, CEO, Convergence, and featuring panelists: - __Christian Deseglise__, Group Head of Sustainable Infrastructure and Innovation, HSBC - __Dr. Jyotsna Puri__, Associate Vice-President - Strategy and Knowledge Department, IFAD - __Amal-Lee Amin__, Managing Director and Head Climate Change, British International Investment - __Nadia Boumeziout__, Head of Sustainability and Information Governance, Zurich Insurance - __Carrie Walczak__, Senior Advisor of Sustainability Strategy & Policy, FMO 
| 3:10PM-3:40PM | Panel Discussion 2. MENA regional perspectives, moderated by __Joan Larrea__, CEO, Convergence, featuring panelists: - __Yariv Cohen__, CEO, Ignite Power - __Dr. Frannie Leautier__, CEO, Southbridge Investments - __Ennis Rimawi__, Managing Director, Catalyst - __Tarek Sherlala__, Assistant Director-General, Financial Operations, OPEC Fund for International Development |
| 3:40PM-3:55PM | Open Consultation, __Joan Larrea__, CEO, Convergence |
| 3:55PM-4:00PM | Closing Remarks & End of Discussion

COP28 Panel Discussion: Unlocking Climate Blended Finance in the Middle East and North Africa (MENA) region 

Join us to learn about unlocking climate blended finance in the Middle East and North Africa (MENA) region 

Unlocking Climate Blended Finance Middle East North Africa

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__December 1, 2023, 4:00PM - 5:00PM GST__

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__Background__ 
The economies of the Indo-Pacific and Southeast Asia regions are highly indebted, and climate vulnerable. Traditional climate finance flows are nowhere near the levels they need to be to reach climate targets. While blended finance is a proven tool for channeling private capital to places where it typically doesn’t flow, Convergence finds that climate blended finance flows have been declining; climate blended finance deal volume decreased by 55% in 2022 compared to 2021, and institutional investors are yet to take a strategic approach to blended finance. Blended finance will be an essential tool in reaching regional targets for net zero and supporting the region’s energy transition.

This panel discussion provides a venue to explore the factors behind the trends, to better understand experiences on both the supply (investors) and demand (recipients) side of capital. 

__About the panel discussion__ 
The session will explore:
- How to utilize blended finance to mobilize capital for climate finance - including transition finance - in the Indo-pacific and Southeast Asia
- What are the primary barriers to more consistent and scaled climate finance investment from institutional investors in these regions?
- What are successful examples of innovative climate blended finance structures and instruments deployed to mitigate risks and mobilize private investments in these regions and how can they be scaled or replicated?

__Agenda__ 

| Time | Description |
| ---------- | ---------- |
| 4:00PM-4:05PM | Welcoming Remarks by __Cate Rogers__, Assistant Secretary for Climate Resilience and Finance, Australian Department of Foreign Affairs and Trade |
| 4:05PM-4:10PM | Opening Remarks by __Joan Larrea__, CEO, Convergence|
| 4:10PM-4:40PM | Panel Discussion, moderated by __Joan Larrea__, CEO, Convergence __Panelists include__: - __Dana Barsky__, Global Head of Sustainability Strategy and Net Zero, Standard Chartered Bank - __Kitty Bu__, Vice President, Asia,Global Energy Alliance for People and Planet (GEAPP) - __Lori Kerr__, CEO, FinDev Canada - __Mason Wallick__, Managing Director/CEO, Clime Capital, Southeast Asia Clean Energy Facility (SEACEF) |
| 4:40PM-4:55PM | Open Discussion |
| 4:55PM-5:00PM | Closing Remarks by __Joan Larrea__, CEO, Convergence |

COP28 Panel Discussion: The State of Blended Finance in the Indo-Pacific and Southeast Asia Regions

Join this panel discussion at COP28 to learn about the State of Blended Finance in the Indo-Pacific and Southeast Asia regions

State of Blended Finance Indo-Pacific and Southeast Asia

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__Inside the Deal: Plūrālis Fund, November 30th, 2023, 9:00am - 10:00am EST__

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Explore the inner workings of real blended finance transactions through Convergence's "Inside the Deal" webinar series. Each quarter, we delve into a successful deal, inviting the deal sponsor and key stakeholders to share candid insights on structuring these intricate transactions.

Our upcoming webinar features the Plūrālis Fund, a non-partisan investment vehicle dedicated to supporting independent media. By pooling blended capital from socially conscious investors Plūrālis invests in independent media companies, safeguarding their editorial independence to foster vibrant, free societies. The fund also provides capacity building and technical assistance to these companies to strengthen their business models.

During this hour-long session the Plūrālis team will provide an overview of the fund's structure and fundraising journey. Convergence will also conduct in-depth interviews with key stakeholders involved in the transaction uncovering invaluable lessons learned along the way. The webinar will conclude with an open Q&A session.

*This webinar is open to Convergence members only.*

Inside the Deal: Plūrālis Fund

Join us to learn about the Plūrālis Fund

Convergence Happy Hour - Edited

__Connecting the Blended Finance Ecosystem, Wednesday, November 29th, 5:30pm - 8:00pm CAT__

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Join us for an evening of networking and socializing in partnership with RENEW Capital. Chat with Convergence members and partners including impact investors, institutional investors, donors, development banks, and sponsors of blended finance deals.

Registration is open on a first-come, first-served basis, with a maximum of two representatives per organization. Contact mira.minkara@convergence.finance if you have any questions.

Blended Finance Networking in Kigali

Join us for Blended Finance Networking in Kigali


[https://prod-convergence-public.s3.amazonaws.com/webinars/Mobilizing+Private+Investment+at+Scale+in+Blended+Finance.mp4](https://prod-convergence-public.s3.amazonaws.com/webinars/Mobilizing+Private+Investment+at+Scale+in+Blended+Finance.mp4)

Last week, Convergence and the DFID Impact Programme co-hosted a webinar to share findings from our latest report, [How to Mobilize Private Investment at Scale in Blended Finance](https://www.convergence.finance/resource/3cpgfofIUn2QY8rFEV2IFt/view?utm_source=Webinar%20Blog&utm_medium=website&utm_campaign=MobilizingPSRR "How to Mobilize Private Investment at Scale in Blended Finance"). The webinar focused on key takeaways based on conversations with over 20 private investors for building a more efficient and effective blended finance market. The online event brought forward perspectives from Credit Suisse, The GIIN, and Moody’s Investor Service. Here’s a snapshot of the key findings and recommendations shared during the webinar and insights from our guest speakers to advance the market.

__Convergence maintains that with only 10 years left to achieve the SDGs, current blended finance flows (~US$15 billion annually) will not be sufficient in mobilizing the “billions to trillions” needed to meet the SDG financing gap by 2030. The development community must move beyond rhetoric to mobilize private investment at scale. __

## So, what do private investors recommend to scale the blended finance market?

__Portfolio approaches are preferred to stand-alone projects:__ Private investors report that portfolio approaches are more effective for three key reasons: i) only a small number of stand-alone projects are large enough, ii) diversification across projects reduces risk for investors, and iii) development organizations have a long project approval cycle – portfolio approaches provide larger investment sizes, therefore reducing the relatively high transaction costs. 

As highlighted during our panel discussion, the “bespoke” nature of projects can be a challenge for financial institutions like Credit Suisse when investing in blended finance products. Financing collective structures (such as a fund) that can invest in a number of projects provide a solution to the challenges associated with standalone projects.

__Standardized investments should be pursued aggressively:__ Consistently, private investors express greater need for more simplified and standardized investment assets. Investors recommend development organizations shift away from creating new innovative solutions towards scaling up and refining existing solutions. In addition, blended finance practitioners should focus on creating more assets that are investment-grade (rated or implied) and are publicly traded. 

To this end, DFID has [partnered](https://www.gov.uk/government/news/uk-government-supporting-city-of-london-to-mobilise-billions-of-pounds-of-investment-to-transform-africa "DFID Supports London") with the London Stock Exchange (LSE) in an effort to increase the number of assets in emerging markets, particularly from Africa, that are listed on the LSE. This is a positive signal for scaling institutional investment into emerging markets and will address a number of barriers faced by private investors, by: i) increasing liquidity, ii) providing greater transparency, and iii) building a track record for assets in emerging markets. 

[Moody’s report](https://www.moodys.com/research/Moodys-Sustainable-finance-innovation-to-boost-private-investment-in-emerging--PBC_1222670?WT.mc_id=AM%7ERmluYW56ZW4ubmV0X1JTQl9SYXRpbmdzX05ld3NfTm9fVHJhbnNsYXRpb25z%7E20200406_PBC_1222670 "Moody's Sustainable Finance Innovation Report") on blended finance in emerging countries explores how more standardized investment structures such as securitizations, which use a portfolio approach, have allowed for scale while diversifying assets for private investors. In 2018 the AfDB carried out a synthetic securitization of a portion of its private loan portfolio, totaling $1 billion, allowing institutional investors to gain access to a new asset class. By introducing multiple tranches including a first-loss tier retained by AfDB, [Room2Run](https://www.afdb.org/en/news-and-events/african-development-bank-and-partners-innovative-room2run-securitization-will-be-a-model-for-global-lenders-18571 "Room2Run") was able to achieve an A rating on its senior tranche. Such structures demonstrate how blended finance can better attract private investors and achieve investment grade ratings. 

__The gap between development organizations and private investors needs to be narrowed:__ Private investors are a diverse group, sharing vastly different motivations and constraints when it comes to achieving the SDGs in developing countries. While they are increasingly allocating their capital to a range of different investment strategies with beyond financial returns, including Responsible Investment, Sustainable Finance, ESG Investing, and Impact Investing, private investors cannot sacrifice financial returns. Likewise, the landscape of development organizations allocating concessional capital is fragmented, making it challenging for private investors to know the priorities, investment processes and types of capital provided by donors. To achieve its full potential, blended finance practitioners should align structures with investment strategies already being pursued by the private sector. To do this, better communication and a deeper understanding is needed between the donor community and private investors.

Convergence and DFID have recently established a Scale Working Group, convening over 16 donors in an effort to better coordinate activities across the development community and focus on financing scale blended finance initiatives. Recently, the GIIN has also created a Knowledge Hub, with the goal of convening quarterly meetings with its members around specific themes, including blended finance and gender. Such efforts will support better communication across donors and investors and provide some much-needed coordination in the market. 

__To read more key findings on how to scale private investment in blended finance, please read [our latest report](https://www.convergence.finance/resource/3cpgfofIUn2QY8rFEV2IFt/view?utm_source=Webinar%20Blog&utm_medium=website&utm_campaign=MobilizingPSRR "Mobilizing Private Investment at Scale in Blended Finance").__ Check out our other [resources](https://www.convergence.finance/resource "Convergence Resources") and [upcoming virtual trainings](https://www.convergence.finance/training "Convergence Trainings") next. 

A snapshot of insights, recommendations and ideas shared during our May 12th webinar on How to Mobilize Private Investment at Scale in Blended Finance, our latest research report.

Highlights on Mobilizing Private Investment at Scale

Highlights from May 12th's Webinar on Mobilizing Private Investment at Scale in Blended Finance


[https://prod-convergence-public.s3.amazonaws.com/webinars/CEW+DF+Experience+V4-FINAL.mp4](https://prod-convergence-public.s3.amazonaws.com/webinars/CEW+DF+Experience+V4-FINAL.mp4)

In 2018, Convergence awarded Clean Energy Works a design stage grant to design a blended solution using the PAYS® model for clean transport, to reduce diesel emissions and accelerate the electrification of transportation to advance __Sustainable Development Goal 7–Affordable & Clean Energy__. 

Earlier this year, Clean Energy Works completed their feasibility study in Lima, Peru, and published their [findings](https://drive.google.com/file/d/1h-iUx42pxtStbnLx8RRpN8Oy0GZi5T89/view "Clean Energy Works | Analysis of Bus Electrification in Lima using PAYS for Clean Transport") based on their initial project for transit buses. To learn more about their design funding experience, we recently connected with Clean Energy Work's Executive Director, Holmes Hummel and International Program Director, Margarita Parra, who walked us through their journey. 

*Convergence is committed to accelerate blended finance solutions designed to attract greater private capital and financing to meet the Sustainable Development Goals. Until September 15, Convergence is accepting applications for its [Asia Natural Capital Window](https://www.convergence.finance/design-funding/open-window/asia-natural-capital-open-window "Convergence | Asia Natural Capital Design Funding Window"), to provide grant funding for the design and launch of catalytic blended finance solutions focused on natural capital in Asia.*

*By [Namrata Narayan](https://ca.linkedin.com/in/namratanarayan), former Communications Lead (Interim) at Convergence* 

Convergence connects with Clean Energy Works to learn about their design funding experience and the results from their feasibility study in Lima, Peru.

Clean Energy Works Shares Its Design Funding Experience

*Dubai, UAE, December 3, 2023* – At the Singapore Pavilion during the 2023 United Nations Climate Change Conference 28th Conference of the Parties (COP28), Convergence announced the inaugural cohort of the Asia Climate Solutions (ACS) Design Grant.

The three grantees will receive proof of concept and feasibility study grants to address climate action across South and Southeast Asia with a focus on nature-based solutions (NbS) and clean energy transition.

"These are 3 very remarkable organizations," said Leah Pedersen, Convergence Senior Director, Market Acceleration and Design Innovation. "They are on the cutting edge, working with complex ideas, complex challenges and really trying to boil those down so that they’re bankable and understandable by investors," Ms. Pedersen continued. 

The ACS Design Grant targets critical climate mitigation and adaptation sectors in Asia including NbS, clean energy transition, and sustainable cities and infrastructure. It provides feasibility study and proof of concept grants for innovative, high-impact and investible solutions using blended capital structures.

The ACS Design Grant is funded by four anchor donors: the Department of Foreign Affairs and Trade Australia, the Monetary Authority of Singapore, The Olayan Group, and UBS Optimus Foundation.

Following the success of Cycle 1, the ACS Design Grant is now accepting concept notes for the window’s second cycle. The submission deadline is __February 12, 2024__.

__Introducing the Grantees__

__NBSV Worldwide__ (sister entity of [Fairventures Social Forestry](https://fairventures.earth/)) was awarded a proof of concept grant to design a dual blended finance structure to support 100,000 hectares of regenerative agroforestry projects in Indonesia. The projects will operate in close collaboration with local communities who will in turn benefit from the increase in employment and a stable income.

Convergence previously supported Fairventures Social Forestry with a feasibility study grant under the [Asia Natural Capital Window](https://www.convergence.finance/design-funding/open-window/asia-natural-capital-open-window) and is now providing a proof of concept grant to further support the design and launch of this vehicle. 

“The grant is important for us to prepare for the next funding round of the blended finance vehicle we recently launched. We designed the vehicle and completed the seed funding round as a grantee under the Asia Natural Capital Window. The grant will also support us to finalize the design activities of the vehicle. The vehicle will bring to market investment opportunities in regenerative agroforestry projects in Indonesia totaling at least USD 100m in the coming years. We are very grateful for the continued support of Convergence and its partners.”

— *Paul Schüller, CEO of Fairventures Social Forestry & NBSV Worldwide*

__[Lestari Capital](https://lestaricapital.com/)__ was awarded a feasibility study grant for a blended vehicle to invest in conservation and restoration projects in South-east Asia that target ecosystem-level outcomes including carbon emission reduction, preservation of biodiversity and community benefits that can be monetized as Nature Credits. The vehicle will also facilitate corporations to take nature-positive action in their agricultural sourcing areas through the purchase of Nature Credits generated by these projects.

"Lestari Capital is excited to start designing this fund vehicle which will help corporates address their climate and biodiversity land footprints through collective action with their supply-chain partners. Building off the design of our existing Rimba Collective finance mechanism, this fund vehicle will use emerging standards and regulations to scale and broaden its applicability to a wider set of commodity buyers. This will unlock corporate funding to protect valuable forest and mangrove ecosystems that currently lack access to long-term funding from the carbon markets. This is another important step in our mission to build a corporate market for climate and nature outcomes.”

 — *Alexander Hanrath, Chief Investment Officer, Lestari Capital* 

__[Powertrust](https://powertrust.com/)__ was awarded a feasibility study grant for designing a blended finance facility, which aims to provide upfront capital to support the development of distributed renewable energy (DRE) projects across South & South-east Asia. The vehicle will help create an additional revenue stream for these projects in the form of distributed renewable energy certificates (D-RECs) and also help secure commitments from corporations for these D-RECs enabling them to meet their sustainability targets.

"This Convergence grant is instrumental in catalyzing new distributed renewable energy in South East Asia. It will facilitate upfront investment, leveraging the Powertrust model of connecting corporate climate leaders with high-impact distributed renewables. Distributed renewables may be small, but aggregated at scale they make a powerful contribution to addressing both our climate targets and universal Sustainable Development Goals. Powertrust is looking forward to working with the climate finance community to participate in this innovative new blended facility." 

— *Nick Fedorkiw, Co-founder and CEO, Powertrust*

__Quotes from ACS Anchor Donors__

“The Monetary Authority of Singapore is proud to host an innovation showcase of the inaugural recipients of the ACS Design Grant at the Singapore Pavilion at COP28. The grantees are harnessing blended finance for maximum impact and innovating new ways in which public, private and philanthropic actors can collaborate to jumpstart and scale effective climate solutions across Asia.” 
— *Gillian Tan, Chief Sustainability Officer and Assistant Managing Director (Development and International) of the Monetary Authority of Singapore*

“The Olayan Group is proud to support the ACS Design Grant and applauds the grantees who were selected through Convergence’s rigorous application and review process; we look forward to witnessing the fruits of the grantees’ labor as they work to advance climate resiliency in Asia-Pacific region and beyond”. 
— *Sung Chul Whang, General Counsel, Asia-Pacific The Olayan Group*

“UBS Optimus Foundation is delighted to see the first grants being awarded to three very deserving concepts which take an innovative blended finance approach to solve some of Asia’s most pressing social and environmental issues. They’re combining blended finance models, and piloting nature credits and pre-purchase agreements for renewable energy. What really impressed us is that nature takes center stage. As nature continues to be an important strategic focus for us too, we will closely track their evolution and wish them the very best.” 
— *Maya Ziswiler, CEO, UBS Foundation*

__About Convergence__ 
[Convergence](https://www.convergence.finance/) is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds.

Convergence’s [Design Funding Program](https://www.convergence.finance/design-funding) operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

__About the Monetary Authority of Singapore__ 
The [Monetary Authority of Singapore](https://www.mas.gov.sg/) (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore and financial market infrastructures. It is responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre.

MAS launched its [Finance for Net Zero Action Plan](https://www.mas.gov.sg/news/speeches/2023/official-launch-of-sgfin) in April to catalyse Asia’s net zero transition, expanding its focus from pure green finance to include transition finance. It covers outcomes in data, definitions & disclosures, a climate resilient financial sector and credible transition plans for FIs. MAS will continue to grow and scale Green FinTech solutions and develop the skills and capabilities for Singaporeans and our financial sector.

__About the Australian Department of Foreign Affairs and Trade__ 
The [Australian Department of Foreign Affairs and Trade](https://www.dfat.gov.au/) promotes and protects Australia’s international interests to support our security and prosperity. We work with international partners and other countries to tackle global challenges, increase trade and investment opportunities, protect international rules, keep our region stable and help Australians overseas.

__About The Olayan Group__ 
The [Olayan Group](https://olayan.com/) is a multinational enterprise with an actively managed portfolio of global investments. The Group has international offices in Vaduz, New York, London, Luxembourg, Athens, Riyadh and Singapore. The Group’s in-house professionals manage a multi-billion-dollar investment portfolio.

__About UBS Optimus Foundation__ 
[UBS Optimus Foundation](http://www.ubs.com/optimus) is an independent grant-making foundation that offers UBS clients a platform to use their wealth to drive positive social and environmental change. The Foundation selects programs that improve children’s health, education and protection, ones that have the potential to be transformative, scalable and sustainable as well as programs tackling environmental and climate issues.

__Media Contact__ 
Karolyn Xie 
Head of Communications (Interim) 
karolyn.xie@convergence.finance

Convergence awards three climate blended finance solutions grants totalling USD 750,000 to address climate action

3 climate blended finance solutions awarded grants at COP28

Three climate blended finance solutions awarded at COP28 to address climate action

Convergence will attend COP28 in Dubai, United Arab Emirates (UAE) from December 1-7 to host, participate in and attend events and meetings. Find out below which events we’ll be part of and add them to your calendar.

Let us know the COP28 events you'd like us to attend or participate in by filling out this [survey](https://docs.google.com/forms/d/e/1FAIpQLSeGBNdydu5AREREfvfdQYeZHrLUkNHB2g_gFBKMAAgR3H5jOQ/viewform) and also let us know who we can connect with while in Dubai.

Be sure to follow us on [Twitter](https://twitter.com/ConvergenceBF) and [LinkedIn](https://www.linkedin.com/company/convergenceblendedfinance/) to stay up to date with our activities at COP28, and check back to this page as we keep it updated it throughout COP.

__Convergence Delegation__

- __Joan Larrea__, CEO
- __Leah Pedersen__, Senior Director, Market Acceleration and Design Innovation
- __David Schwartz__, Senior Advisor, Strategic Partnerships

__Events__

| Date & time (GST)     | Event type     | Event title     | Location     | Organizer     |
| ---------- | ---------- | ---------- | ---------- | ---------- |
| Dec 1, 4:00PM-5:00PM       | Panel Discussion       | [The State of Blended Finance in the Indo-Pacific and Southeast Asia Regions](https://www.convergence.finance/news-and-events/events/kzfDP4uVkNryTTVCYgmxc/view)       | Australian Pavilion, Blue Zone       | Convergence & Australian Department of Foreign Affairs and Trade       |
| Dec 1, 5:00PM-7:00PM       | Reception       | Nature Positive Pavilion Opening Reception       | Nature Positive Pavilion, Blue Zone       | The Nature Conservancy      |
| Dec 2, 2:00PM-3:00PM       | Showcase       | Rwanda Green Taxonomy Showcase       | Rwanda Pavillion, Blue zone       | Kigali International Financial Centre, UNDP Rwanda      |
| Dec 2, 2:30PM-4:00PM       | Panel Discussion       | [Unlocking Climate Blended Finance in the Middle East and North Africa (MENA) region ](https://www.convergence.finance/news-and-events/events/16xGbfMUDjWzUyZskMCCom/view)      | Climate Finance Hub, Green Zone       | HSBC, UAE Independent Climate Change Accelerators (UICCA), Convergence       |
| Dec 3, 8:000AM-8:30PM       | Launch Event       | Clean Energy for Development: A Call to Action (CEDCA)       | Francophonie Pavilion - Blue Zone       | International Development Research Centre (IDRC)     |
| Dec 3, 10:45AM-12:00PM       | Panel Discussion       | [Building a Sustainable Tomorrow: Climate Funding for Asia](https://www.cop-pavilion.gov.sg/live-stream)       | Singapore Pavilion, Blue Zone       | AVPN       |
|Dec 3, 1:00-6:00PM | Panel Discussion | [Advancing the Transition](https://www.spglobal.com/esg/events/cop28-in-person-event) | Innovation Zone at Madinat Jumeirah Conference & Events Centre | S&P Global
| Dec 3, 2:10PM-3:10PM       | Innovation Showcase       | [Designing blended finance for climate goals](https://www.convergence.finance/news-and-events/events/7k0ePQifKlRrbzCihmftmZ/view)       | Singapore Pavilion, Blue Zone       | Convergence & Monetary Authority of Singapore       |
| Dec 3, 3:45PM-4:30PM       | Panel Discussion       | Narrowing the Funding Gap: Scaling Blended Finance to Mobilize Climate Action in Developing and Upper Middle-Income Countries (UMIC)      | Malaysian Pavilion, Blue Zone       | UNDP Malaysia, Singapore, Brunei       |
| Dec 4, 10:00AM-11:00AM       | Panel Discussion      | [Project Generation to Incent Private Capital Mobilization in EMDEs](https://unfccc.int/cop28/un-climate-change-pavilion#Monday-4-December-)        | UNFCCC Pavilion, Blue Zone      | Citi Bank      |
| Dec 4, 12:00PM-1:00PM       | Panel Discussion      | Innovative Mechanisms to Achieve Net-Zero        | UICCA Pavilion, Green Zone      | UICCA      |
| Dec 4, 3:30PM-5:00PM       | Panel Discussion      | Blended Finance in Climate Action: Real-world Examples        | Benelux - EIB Pavilion, Blue Zone      | Benelux, European Investment Bank (EIB)      |
| Dec 4, 4:00PM-4:45PM       | Panel Discussion      | [Blended finance to mobilize private investment to climate adaptation: Progress to date and bigger potential going forward](https://www.convergence.finance/news-and-events/events/4PKzYQmA6PlrBvzEhD6lav/view)        | Nordic Pavilion, Blue Zone      | Convergence & Nordic Development Fund       |


Find out which events we’ll be part of at COP28 in Dubai

Convergence at COP28 — Calendar of events

*Toronto, 30 November 2023* - Convergence awarded a proof-of-concept grant to Prado Power Limited to develop a blended financing solution to enable renewable energy access for rural off-grid communities, benefitting smallholder farmers and women in Nigeria. The grant supports the design and launch of the Gender-Based Smallholder Economic Liberation Project, a $175 million blended fund that invests in mini-grid developers and agriculture technology companies. This grant is awarded through Convergence’s [Gender-Responsive Climate Finance Design Funding Window](https://www.convergence.finance/design-funding/open-window/gender-responsive-climate-finance-window), [funded by Global Affairs Canada](https://climate-change.canada.ca/finance/details.aspx?id=2641&GoCTemplateCulture=en-CA).

Agriculture is the dominant source of employment in Nigeria with over 70% of the population engaged as smallholder farmers yet much of this population is trapped in poverty. Smallholder farmers in Nigeria often cannot produce quantities commensurate with their efforts. Add to this, about half of all crop yields are lost due to lack of storage facilities and electricity, reducing an already small availability of produce for sale. Women smallholder farmers comprise up to 80% of the entire smallholder workforce in Nigeria and are especially affected by financial precarity. Patrilineal and cultural statutes prevent this group from owning or accessing profitable assets such as farmland and equipment. 

Women in Nigeria engaged in agriculture are mostly confined to strenuous manual labour activities that yield very low economic return. Broadly, women in rural Africa also face challenges in access to education, training extension activities and information.

“In Nigeria and most parts of Sub-Saharan Africa, a clear pathway to real economic prosperity is via provision of sustainable energy in tandem with enhancing agricultural productivity through the provision of productive use equipment, capacity building activities and access to markets for the sale of processed agricultural products,” stated Washima Mede, CEO of Prado Power. 

“Prado Power is excited to collaborate with Convergence to launch the Gender Based Smallholder Economic Liberation Project to unleash the vast economic potentials of rural off-grid communities by providing constant electricity, creating an enabling environment for residents to live and carry out their businesses sustainably. This will create lasting socio-economic impact and significantly boost the livelihoods of rural dwellers. The structure of the project is also strongly predicated upon gender equality where beneficiaries of capacity-building activities, energy access services and productive use equipment would be equitably distributed.”

The Gender-Based Smallholder Economic Liberation Project will provide debt and equity financing to mini-grid developers and agriculture technology companies operational in Nigeria. While there are several mini-grids operational in Nigeria, they usually fail to reach commercial viability because of (a) low capacity utilization during peak generation periods due to the absence of strong commercial or productive use activity, (b) high cost of project execution and (c) low purchasing power of users. 

Prado Power’s innovative model works to maximize electricity use during peak generation periods by providing rural off-grid households with electrical productive use equipment (targeted for use by women smallholder farmers) for use during the daytime. This model leverages the presence of agricultural value chains within the communities to create high commercial and productive activities and enable better earnings for the users. Prado Power is a local Nigerian entity, supported by Farm Warehouse (also a local Nigerian company) for the implementation of the vehicle. While Prado Power will focus on the mini-grid development, Farm Warehouse will provide access to productive use equipment for agriculture processing and storage, farmer mapping, capacity building on agricultural best practices, electric mobility for agricultural produce, and provides farmers access to agricultural produce marketplace.

“Women smallholder farmers in Nigeria, and in so many parts of the world, face development challenges that have only been exacerbated by the effects of climate change,” says Joan Larrea, CEO at Convergence. “Gender-smart investors, take note: by improving rural access to electricity the Gender-Based Smallholder Economic Liberation Project has great potential to boost local economies, uplift women smallholders and create sustainable impact in the region.”

__About Prado Power Limited__

Prado Power Limited is a distributed renewable energy company registered under the laws of the Federal Republic of Nigeria. Their mission is to provide affordable cleantech solutions to deliver electricity to off-grid, under-served communities as well as commercial/industrial clients.

Please visit [pradopower.org](https://pradopower.org/) to learn more.

__About Convergence’s Design Funding Program__ 
Convergence’s Design Funding program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs. The Gender-Responsive Climate Finance Window, funded by the Government of Canada, provides grant funding for the design and launch of innovative blended finance solutions focused on the intersection of climate change and gender equality in emerging markets globally. Visit Convergence’s [Design Funding page](https://www.convergence.finance/design-funding) for information on submission deadlines as well as other open windows.

__About Convergence__ 
Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. 

Learn more about Convergence: [www.convergence.finance](http://www.convergence.finance/)

__Media Contact__ 
Karolyn Xie 
Head of Communications (interim) 
Convergence 
karolyn.xie@convergence.finance

[Subscribe](http://eepurl.com/gg_hjf) to receive our news

Convergence has awarded a grant to Prado Power to enable renewable energy access for rural off-grid communities, benefitting smallholder farmers and women in Nigeria.

Convergence supports energy access and gender in Nigeria

Convergence design grant to support rural energy access and gender inclusivity in Nigeria

*Toronto, 30 November 2023* - Convergence awarded a feasibility study grant to AMPLO Impact Investing (Amplo) for the design of the ‘Blooming Roots Fund’, a USD 50 million closed-end, blended fund that aims to invest in for-profit nature-based solution (NbS) businesses in Latin America. This grant is awarded through Convergence’s [Gender-Responsive Climate Finance Design Funding Window](https://www.convergence.finance/design-funding/open-window/gender-responsive-climate-finance-window), funded by Global Affairs Canada. 

Across Latin America, strong social and economic progress has been made over the past decades, yet the region continues to face development challenges that limit local ability to reach full natural potential. Effects of climate change have compounded the impacts of unsustainable livestock activities, extractive industries, and exponential urbanization.

Amplo is an impact investment management firm that works to empower rural communities and generate gender-inclusive economic opportunities by fostering the sustainable use of natural resources. To achieve this goal, the Blooming Roots Fund will employ a blended finance strategy that combines innovative and flexible financing and technical assistance. Amplo is supported by Grassroots Business Fund (GBF) in the design of the fund and both entities will jointly operate as the fund’s investment managers.

“The Blooming Roots Fund represents an opportunity for us to demonstrate to private investors that by employing innovative financial strategies and adopting a hands-on approach, we can achieve both financial returns and address crucial development challenges. It emphasizes the need to innovate through blended finance in the business sector expertise to extend capital into more difficult segments and geographies. Our commitment to this approach is crucial in delivering the advantages of a peaceful, equitable, democratic, and market-based society to all,” says David Sánchez, Managing Partner at AMPLO Impact Investing.

Convergence’s grant will support Amplo and GBF to assess the feasibility of the blended fund which is a scaled-up version of an initial pilot that both teams jointly conducted in Providencia and Santa Catalina islands in Colombia. The initial pilot was conducted in response to the socio-economic devastation caused by Hurricane Iota in 2020 and focused on the economic reactivation of local businesses. The team will improve on the investment strategy of the pilot and apply this strategy to invest in NbS-aligned sectors across Colombia, Peru, and Central America. Technical assistance for investees is a core part of the fund implementation. The team will combine the use of innovative financing instruments with technical assistance to generate gender-inclusive economic opportunities for rural communities, improve income opportunities for local community members in implementation geographies (50% expected to be women), encourage sustainable use of natural resources and restore a significant area of natural habitat.

“Amplo has demonstrated success in generating gender-inclusive economic opportunities that accelerate nature-based solutions,” says Joan Larrea, CEO at Convergence. “We’re excited to support this next phase of their work. The Blooming Roots Fund concept has the potential to greatly impact the livelihoods of rural communities and strengthen local sustainability across Latin America,” Ms. Larrea continued.

__About AMPLO Impact Investing__

AMPLO Impact Investing is a Colombian impact investment management firm that aims to mobilize capital towards sustainable businesses. It works with companies, development organizations and investors to structure, finance and implement profitable projects and investment vehicles that generate a positive social and environmental impact. To date, Amplo has provided investment readiness services to over 50 enterprises in NbS industries. It has strengthened value chains in the Colombian Amazon and Pacific regions and the Central American forest areas, allowing Amplo to overcome barriers to financing.

Please visit [www.amplo.com.co](https://amplo.com.co/site/) to learn more.

__About Convergence’s Design Funding Program__ 
Convergence’s Design Funding program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs. The Gender-Responsive Climate Finance Window, funded by the Government of Canada, provides grant funding for the design and launch of innovative blended finance solutions focused on the intersection of climate change and gender equality in emerging markets globally. Visit Convergence’s [Design Funding page](https://www.convergence.finance/design-funding) for information on submission deadlines as well as other open windows.

__About Convergence__ 
Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. 

Learn more about Convergence: [www.convergence.finance](http://www.convergence.finance/)

__Media Contact__ 
Karolyn Xie 
Head of Communications (interim) 
Convergence 
karolyn.xie@convergence.finance

[Subscribe](http://eepurl.com/gg_hjf) to receive our news

Convergence has awarded a grant to Amplo for the design of the Blooming Roots Fund which aims to invest in for-profit nature-based solution (NbS) businesses in Latin America.

Convergence supports nature-based solutions in Latin America

Amplo awarded grant to design $50M blended fund advancing Nature-based Solutions and gender-inclusive economic development in Latin America

*Toronto, 29 November 2023* - Convergence awarded a feasibility study grant to Villgro Innovations Foundation (Villgro) to bridge the financing gap faced by climate-focused social startups in India and help grow the creation of green jobs that economically empower women locally. 

The grant will support the design of the ‘Inclusive Climate Action Scaleup Facility’, a USD 1 million blended finance facility that will use credit guarantees to de-risk financing from local financial institutions. The facility intends to create 3-5x leverage and unlock debt financing for small-scale innovative climate-focused enterprises in India and their end customers. The facility will operate with a 5-year plan to reach a scale of USD 10 million. The grant is awarded through Convergence’s [Gender-Responsive Climate Finance Design Funding Window](https://www.convergence.finance/design-funding/open-window/gender-responsive-climate-finance-window), funded by Global Affairs Canada.

Social startups in India are often limited in financing options available to them because they are new to credit, have no collateral, and are working with nascent business models and technologies in stressed demographics. Additionally, the target population of this facility (women end-beneficiaries) does not have the capital and/or risk appetite associated with adopting such green technologies. In cases of financing options for end-beneficiaries, retail loans are available at high interest rates and mostly do not cater to green technologies. Villgro takes a bottom-up approach to climate action in India by working with a spectrum of climate-focused startups that hold potential to create green jobs for women locally. 

“Receiving the Convergence Feasibility Study Grant is an honor for us at Villgro, propelling our mission to empower climate-focused enterprises and their end-users. This transformative grant by Convergence will drive the development of our 'Inclusive Climate Action Scaleup Facility,' addressing financing gaps for pioneering enterprises in India,” stated Vibha Tilwalli Sharma, CA, CFA, Lead of Impact Financing at Villgro. 

Villgro will partner with local commercial debt providers to unlock financing for climate-focused enterprises new to credit. They will also focus on the design of an alternative credit appraisal mechanism to enable collateral-free lending. Technical assistance will be a core part of the facility to make enterprises ready for debt and to build the capacity of businesses supported by the facility. Finally, job creation for women is at the core of the Inclusive Climate Action Scaleup Facility. To help promote the adoption and use of green technologies developed by these startups, Villgro will work with stakeholders at the community level such as:
- Distributors or livelihood-based NGOs to take the solutions to the last mile 
- Farmer Producer Organizations (FPOs) and Self Help Groups (SHGs) to generate awareness through demo trade activation events
- Financing institutions to provide loans for the adoption of these technologies
- Players in the demand market to build profitable forward market linkages and drive utilization. 

This will help ensure greater income and livelihood generation for women employed by these climate-focused enterprises.

“Our goal is to unlock opportunities, advocate for the adoption of green technologies, and catalyze impactful change, particularly for those most vulnerable to climate change, such as women in India.” Ms. Sharma continued.

“Villgro’s Inclusive Climate Action Scaleup Facility has the potential to speed the introduction of innovative green technologies in India that address local needs, while creating green jobs that economically empower women locally. That is why we are supporting Villgro and we’re optimistic that investors applying a gender lens to their investment strategies will be excited to join in,” said Convergence CEO Joan Larrea.

__About Villgro Innovations Foundation__ 
Villgro is India's foremost, and one of the world's largest, social enterprise incubators. Established in 2001, Villgro’s mission is to make innovative, impactful businesses succeed in Health, Agribusiness, and Climate Action across India. Since 2001, Villgro has supported 352 social enterprises that have raised over INR 4.28 billion in investments, created 5646 jobs and impacted over 20.8 million lives. Villgro was awarded the Top Incubator Award by the Department of Promotion of Industry and Internal Trade (GoI) in 2020 and the DivHERsity awards in 2022.

Visit [www.villgro.org](https://villgro.org/) to learn more.

__About Convergence’s Design Funding Program__ 
Convergence’s Design Funding program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs. The Gender-Responsive Climate Finance Window, funded by the Government of Canada, provides grant funding for the design and launch of innovative blended finance solutions focused on the intersection of climate change and gender equality in emerging markets globally. Visit Convergence’s [Design Funding page](https://www.convergence.finance/design-funding) for information on submission deadlines as well as other open windows.

__About Convergence__ 
Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. 

Learn more about Convergence: [www.convergence.finance](http://www.convergence.finance/)

__Media Contact__ 
Karolyn Xie 
Head of Communications (interim) 
Convergence 
karolyn.xie@convergence.finance

[Subscribe](http://eepurl.com/gg_hjf) to receive our news

Convergence awards grant supporting climate-focused social startups in India to help grow the creation of green jobs that economically empower women locally.

Convergence awards grant to support climate-smart startups

Convergence grant awarded to advance climate-focused startups and empower women in India

*Toronto, 24 November 2023* - Convergence is pleased to award a feasibility study grant to Big Valley Advisors for the design of the ‘AgWaste Climate Fund’. The grant is supporting the design of a USD 120 million climate- and gender-smart investment fund which aims to reduce emissions from postharvest losses in smallholder-intensive agricultural value chains by providing expansion debt capital to SMEs operating across countries in the Asia Pacific, Latin America and Africa. This grant is awarded through Convergence’s [Gender-Responsive Climate Finance Design Funding Window](https://www.convergence.finance/design-funding/open-window/gender-responsive-climate-finance-window), funded by Global Affairs Canada.

Food loss and waste [accounts for](https://www.unep.org/resources/report/unep-food-waste-index-report-2021) 8-10% of global greenhouse gas emissions. In less-developed countries, food waste and losses [occur](https://www.fao.org/faostat/en/#home) at almost all links in the food chain due to poor infrastructure, archaic technologies and few production resources. Meanwhile, common practices of burning agro-residues or leaving them to decompose have negative consequences from the release of soot, smoke and GHG emissions, as well as the degradation of underlying soil. This is an unrealized opportunity for biowaste, as the same material could be repurposed in a circular economy framework to achieve positive climate change outcomes. The AgWaste Climate Fund intends to address both these market failures.

“This award is immensely significant for Big Valley. As our inaugural fund, the backing from Convergence is pivotal in turning our vision into reality. Beyond the financial support, it grants us access to a well-regarded network of prestigious organizations. This type of collaboration is key to the innovation needed to redefine how we leverage climate finance—an essential step if we are to stand a chance in adapting to climate change. We are grateful for this partnership and look forward to reshaping the landscape of financing an inclusive food system transformation together.” — Mauricio Benitez, Founder of Big Valley.

The AgWaste Climate Fund will provide patient debt capital to large-scale agriculture SMEs and scalable biochar projects, as well as encourage a circular economy by repurposing agricultural waste for use as inputs in biochar projects. 

Core to the fund’s design is a focus on gender-responsive initiatives to improve female livelihoods and general wellbeing. The fund works with agricultural value chains, where women make up over half the global workforce. The fund will operate alongside a technical assistance facility to channel the benefits of the technology to smallholder farmers and accelerate investments in present and future biochar projects across the Global South. Big Valley Advisors will be supported in the feasibility study design by strategic partners Puro.earth and CGIAR's Hub for Sustainable Finance (ImpactSF).

“The AgWaste Climate Fund has the potential to transform the carbon impacts of global food chains,” says Convergence CEO Joan Larrea “in addition to improving sustainability at large the fund will make a meaningful impact on the ground, directly benefiting women working in agriculture.”

__About Big Valley Advisors__ 
Big Valley is a Swiss investment advisory firm specializing in blended climate impact and food systems finance. It was established in 2023 by partners Mauricio Benitez and William Howe, who bring over 20 years of experience investing in emerging markets, predominantly in sustainable agriculture and nature-based solutions. Theh team has a proven track record designing innovative impact investment solutions, structuring and raising blended climate finance funds. 

Learn more about Big Valley Advisors: [www.bigvalley.ch](https://www.bigvalley.ch)

__About Convergence’s Design Funding Program__ 
Convergence’s Design Funding program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs. The Gender-Responsive Climate Finance Window, funded by the Government of Canada, provides grant funding for the design and launch of innovative blended finance solutions focused on the intersection of climate change and gender equality in emerging markets globally. Visit Convergence’s [Design Funding page](https://www.convergence.finance/design-funding) for information on submission deadlines as well as other open windows.

__About Convergence__ 
Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. 

Learn more about Convergence: [www.convergence.finance](http://www.convergence.finance/)

__Media Contact__ 
Karolyn Xie 
Head of Communications (interim) 
Convergence 
karolyn.xie@convergence.finance

[Subscribe](http://eepurl.com/gg_hjf) to receive our news

Convergence awards grant to promote climate- and gender-smart investment in Asia Pacific, Latin America and Africa, supporting the design of a USD 100 million climate- and gender-smart investment fund.

Convergence awards grant supporting the AgWaste Climate Fund

Convergence awards grant to promote climate- and gender-smart investment in Asia Pacific, Latin America and Africa

MEDA has a 70-year history of market-driven development and deploying impact investing globally. Grounded in their mission to bring business solutions to address poverty, their mandate is to create decent jobs in the agri-food system.

Through a market systems approach to business and technical value creation and access to capital for entrepreneurs, MEDA works across the entire agri-food ecosystem with ’farmpreneurs’ and ‘agripreneurs’ especially women and youth, with a focus on environmental sustainability, gender equality, use of technology, inclusive financial services, and impact investment. MEDA’s goal is to create or sustain decent jobs (direct, indirect, and induced) that allow women and youth to sustainably take care of their needs and build resilient communities.

We spoke with Dorothy Nyambi, President and CEO of MEDA about MEDA’s role in the Mastercard Foundation African Growth Fund, what they hope to achieve, how they apply a gender lens theory of change, how the Fund’s design will catalyze additional investment, and more.

__Can you tell us about MEDA’s mandate and how blended finance fits into that?__

From 1953 to date, blended finance has been crucial to MEDA’s success. We have invested our MEDA Risk Capital Fund in impact-focused funds, financial institutions, and small businesses in agriculture. This catalytic evergreen fund has $24.8 million invested in 26 different investments, both direct debt equity and via investment funds. In 2021, investments under the MEDA Risk Capital Fund contributed to 83,000 decent work opportunities.

As an early leader, MEDA partnered with the Government of Canada in 2013 to pilot the use of concessionary finance, raising private capital for development-related investments in private equity and trade finance. These partnerships also involved providing technical assistance to funds and SMEs, supporting the achievement of the Sustainable Development Goals.

Uniquely, MEDA makes program-linked fund investments to maximize impact. We know attracting commercial capital and leveraging patient capital, such as investments from the Mastercard Foundation, enables us to achieve sustainable development through ecosystem building while delivering attractive returns.

__The [Mastercard Foundation African Growth Fund](https://africagrowthfund.org/) is a unique initiative. Can you tell us about it and what it is that you are looking to achieve? What does present and future success look like?__

The Mastercard Foundation Africa Growth Fund (the Fund) is a unique and catalytic initiative. It offers capital and technical assistance to African fund managers and other forms of intermediary vehicles, some of whom are perceived as risky by the investment community. This fund focuses on creating 15,000 decent jobs with an overall job effect of 250,000 through a very intentional, flexible, and adaptable ecosystem-building approach.

By taking an ecosystem-building approach, the Fund will crowd in additional capital by strengthening African investment vehicles (venture capital funds, small and medium sized enterprise (SME) debt funds, permanent capital vehicles etc.) and de-risk them. The goal is to create and/or sustain dignified and fulfilling work for young people, especially young women, in Africa. The Fund’s investment vehicles (IVs) are working with portfolio companies — a majority of which are high growth SMEs.

To achieve the Fund’s goals and deliver on ecosystem-building and jobs, MEDA was brought into a consortium with specific expertise. MEDA leads the Fund with Investisseurs & Partenaires (I&P) as the Fund Advisor, ESPartners (ESP) as the Business Development Services (BDS) provider, Genesis Analytics as the learning partner, Africa Communications Media Group (ACG) leading communications, and the Criterion Institute as the Fund’s gender diversity equity and inclusion partner. The Fund will invest in 20 IVs based in Africa during the next five years.

__How will the Mastercard Foundation Africa Growth Fund mobilize additional private capital into the various investment vehicles (IVs) that you invest in?__

The Fund's investment policy is designed to enable investment approvals that will catalyze and provide comfort in mobilizing additional investors.

1. The Fund’s investments may be structured as a blend of instruments to de-risk IVs, including straight equity, quasi-equity, concessional debt, and to some extent, risk sharing or first loss capital.  
2. The Fund may anchor an IV to reach its first close ahead of other investors by committing significant capital and dialing back our portion of the funding structure of the IV as other investors commit. 
3. The Fund has the ability to support early-stage IVs with working and warehousing capital facilities to enable fund managers to establish their operations, teams and demonstrate an investing track record.
4. The Fund’s offerings include significant value creation resources that can be applied at the IV or portfolio SME levels – pre and post investment. Accelerator cohorts will support select early-stage fund managers to improve “*investment shortcomings*”, who will then be showcased to like minded investors to consider the opportunities.
5. The Fund works to enhance the ecosystem by collaborating with associations and other stakeholders to convene networking sessions, industry events, knowledge-sharing platforms, and investor education sessions that champion the cause of first time female and early-stage fund managers, demonstrating their viability and mobilizing other investors through our investment decisions.

__How does the Fund apply a gender lens approach to its theory of change?__

We recognize that financial systems are rooted in patriarchal and colonial norms and assumptions that uphold unequal power, privilege, and bias. Traditional Gender Lens Investing (GLI) approaches — that don’t shift investing assumptions and address power dynamics — won’t impact equity and risk being exploitative. Unequal power dynamics that exclude women and youth access to, and benefit from, investments must be dealt with, starting within the consortium and at every stage of investment. We are committed to ending gender and intersectional power imbalances (i.e. gender, diversity, equity, and inclusion) in investment. 

The Fund has embraced 2X Global’s criteria for financing women. It aims for women founders, or 51 per cent ownership; 30 per cent leadership in senior management, boards and investment committees; and between 30 to 50 per cent share of women in the portfolio companies’ workplaces.

Thus, we require that IVs must satisfy one gender-lens criteria within their teams by the time they reach their first close, or, if prior to the first close, in the year following the Fund’s disbursement of IV investment capital:

- For multiple partner teams, at least one female partner (a founding partner with a shareholding in the General Partnership, Chief Investment Officer, or Investment Director) who is part of the decision-making, and women representing at least 30 per cent of the overall team beyond marketing, human resources or investor relations roles; 
- For single partner teams (male or female), at least 30 per cent of the team must be female, beyond marketing, human resources, or investor relations roles. 

Collaborative knowledge gained informs the deepening of Gender Diversity, Equity, and Inclusion (GDEI) and Environmental, Social, and Governance (ESG) capacities and strategies over the life of the program.

__Can you share details of the two GLI funds that you have invested to date?__

Our first investment is with [Aruwa Capital Management](https://aruwacapital.com/), a Lagos-based, female-founded and female-led, early-stage growth equity and gender lens fund, focused on investing equity and equity-linked capital into established and fast-growing companies in Nigeria and Ghana. The company is led by Adesuwa Okunbo Rhodes, the Founder and Managing Partner. Aruwa Capital only invests in businesses that align with its gender lens criteria.

Our second investment is [Inua Capital](https://inuacapital.com/), a gender-lens, ESG-lens, and impact-focused investor managing fund that provides patient growth capital to Ugandan SMEs. Inua was founded in 2021 with a local investment team. It pioneers private equity investment and will accelerate the growth of 30 to 40 local companies into sustainable, responsible, and profitable titans of Uganda. The company is led by [Kim Kamarebe](https://inuacapital.com/about-us/our-team/), Founder and Managing Director. Stay tuned for more investments soon.

__Domiciliation of IVs on the African continent is a big area of focus for the Fund. Can you tell us why this is important? What are some of the obstacles/bottlenecks faced by IVs in domiciling on the continent?__

In addition to the Fund’s objective to catalyze capital into 20 Africa-based IVs and ultimately sustain decent jobs through SME growth, an equally important vision of the Fund is to build the ecosystem of risk capital investing in sub–Saharan Africa, making it easier for local and foreign investors alike to commit to African IVs. Opening up Africa domiciliation is key in attracting local investors including pension funds. 

The Fund believes that, by urging and supporting fund managers to domicile in Africa, either on a parallel, feeder or other basis, other investors will come alongside, mobilizing investor confidence on the continent.

The obstacles and bottlenecks faced by IVs in domiciling in Africa include the complex and varied regulatory environments across different African countries. For the most part, rules and regulations cover the broad financial sector and very few are customized to the needs of investment vehicles — fewer still have established support institutions and specialized services providers (such as legal and accounting firms and management companies) with expertise specific to fund structures in place. Each jurisdiction has unique rules, licensing requirements, and reporting obligations, making it cumbersome for IVs and unpredictable for investors. Another obstacle is the relatively underdeveloped capital markets and limited availability of local investors, which has reinforced reliance on foreign capital. Further, the perception of political and economic risks in Africa can deter potential investors and create additional hurdles for IVs trying to fundraise. 

To improve this ecosystem constraint, the Mastercard Foundation in conjunction with the Fund team has commissioned a study on the various domiciliation options available to IVs on and off the continent to establish characteristics, pathways, and recommendations to support jurisdictions, IVs and investors with guidance on domiciliation options in Africa.  

__What are some interesting or unexpected challenges MEDA has had to navigate in the blended finance space thus far?__

MEDA has had several blended finance challenges. Attracting commercial capital remains difficult due to lingering risk perceptions from in-grained biases. Overcoming these biases is crucial to scaling up investments to the level needed. We’re confident the Fund can change that for more risk averse investors. 

Also, these complex deals require specialized expertise. With complicated regulatory environments, the Fund needs local knowledge. Thus, access to local financial and legal expertise is crucial to success. Finally, like many blended finance initiatives, measuring impact and additionality remains a challenge. For this Fund, we partnered with Genesis Analytics, a learning partner who leads on measuring impact and assessing value.

__Based on MEDA’s involvement in blended finance, what gaps or opportunities do you see in the larger blended finance market?__

Presently, blended finance levels remain stagnant while the Sustainable Development Goals (SDG) funding gap grows. There is opportunity for more blended deals and funds to support SDGs and we need them more rapidly.

One significant opportunity is to bridge the gap between impact investing and traditional donor-led development. The challenge lies in uniting impact investment with existing technical assistance programs, as these two functions operate separately. Bringing them together is vital.

To increase blended finance impact in gender equity, investors can play a large role by expanding Gender Lens Investment capital, improving representation, and demanding robust gender analysis. Building in criteria for GLI for blended finance activities is important to concretely determine investment impact.

__How do you see MEDA's blended finance activities evolving in the future?__

MEDA’s blended finance activities are evolving. We are exploring more funds we want to develop in other parts of the world. We will continue to employ blended finance. We see impact when we match investments with development programs – program linked investments. Our vision for a prosperous, equitable, and sustainable future for Africa, and the world, relies on using blended finance to accelerate economic development, foster market systems that generate sustainable jobs at decent income levels, and ensure food security.


Hear from Dorothy Nyambi on MEDA’s role in the Mastercard Foundation African Growth Fund, what they hope to achieve, how they apply a gender lens theory of change, how the Fund’s design will catalyze additional investment, and more.

MEDA Member Spotlight with Dorothy Nyambi

https://www.youtube.com/watch?v=TwtLBOWBARk

The State of Blended Finance is Convergence's flagship annual report that provides an updated analysis of the blended finance market, including blending approaches, sectors, regions, and investor trends. The launch event included a presentation of report highlights and key findings followed by a panel discussion featuring speakers from Citi, The Lightsmith Group, the International Energy Agency and Rwanda's Ministry of Finance and Economic Planning.

This year’s edition once again focuses on climate. Drawing from our Historical Deals Database, the report presents new data and analyses on the global market for blended finance for both climate mitigation and adaptation, including insights on deal and investor trends. The report also illustrates the present blended finance landscape with expert commentary from Climate Policy Initiative, International Monetary Fund, International Energy Agency, and many more.

Read the full report [here](https://www.convergence.finance/resource/state-of-blended-finance-2023/view).

The State of Blended Finance is Convergence's flagship annual report that provides an updated analysis of the blended finance market, including blending approaches, sectors, regions, and investor trends.

The State of Blended Finance 2023 Launch Recording

*Toronto, 25 October 2023* – Today, Convergence, the global network for blended finance, releases the [7th edition of the State of Blended Finance report](https://www.convergence.finance/resource/state-of-blended-finance-2023/view). Drawing from the largest and most detailed database on historical blended finance transactions, the report presents new data and analyses on the global market for blended finance for both climate mitigation and adaptation, including insights on deal and investor trends. Convergence reports:

- Total blended deal volume decreased by approximately 45% in 2022 and about 55% in climate blended finance, reaching a ten-year low in total financing.
- Climate blended finance transactions accounted for under 40% of all blended finance deals in 2022, representing a 10% decline compared to each of the previous five years where climate-focused transactions accounted for 50% or more of the annual deal count.
- Climate blended financing flows from the private sector are declining — from $7.13 billion between 2017-2019 to $5.87 billion between 2020-2022.

These trends are symptomatic of larger macroeconomic challenges impacting financing flows to emerging and developing economies, characterized by inflationary pressures, mounting debt burdens, and geopolitical instabilities.

Since its inaugural issue in 2017, the State of Blended Finance has become an authoritative point of reference on the global blended finance market. 

With world leaders due to convene in Dubai for COP28, climate finance stands at a critical juncture. Public financing for climate, while increasing, has seen the overall growth rate decline, private climate financing volumes lag, and climate blended finance flows regress.

“With climate vulnerabilities intensifying worldwide, the time for talk is over,” says Joan Larrea, Convergence CEO. “Concrete action is urgently needed, and blended finance must be utilized more ambitiously to mobilize private investment at scale into climate solutions tailored to the unique realities of developing countries.”

Ms. Larrea adds that “beginning Spring 2024, we will publish two State of Blended Finance reports per year. The cycle will begin with a report published in spring encompassing the entire blended finance market, with a second climate-focused edition released in the fall.”

Remarking on recommendations made in the report, Convergence Director of Knowledge and Thought Leadership, Nnamdi Igbokwe, Ph.D. says, “to scale climate finance, mobilizing private investment must be prioritized as an explicit goal of development finance and must be championed by the MDBs and DFIs within their operating models.” 

“The report highlights country-level opportunities for blended finance, spotlighting regions with potential for positive developments and identifying areas where blended finance can immediately and materially contribute to scale private financing and achieve climate outcomes more effectively and efficiently,” Dr. Igbokwe continues.

In addition to analyses of data trends, the report illustrates the present blended finance landscape with expert commentary from Climate Policy Initiative, International Monetary Fund, International Energy Agency, and many more. 

Analysis in the report draws from Convergence’s Historical Deals Database, comprised of more than 1000 blended finance transactions (485 climate-focused) with an aggregate value totalling $198 billion across all transactions ($109 billion climate-focused).

__Key insights & recommendations__

To increase climate blended transactions and mobilize private sector capital for climate projects in emerging markets and developing economies:
1. MDBs and DFIs should integrate climate and private sector mobilization KPIs into their operating models and prioritize data and analytics.
2.	Navigating non-financial risks and political dependencies will be crucial to optimize the potential of blended finance.
3.	Philanthropic capital must be incorporated and integrated in blended finance as a viable source of catalytic funds.
4.	Lower- and middle-income countries must be empowered to lead bottom-up approaches to country-level financing platforms.

*__Read the [State of Blended Finance 2023 report here](https://www.convergence.finance/resource/state-of-blended-finance-2023/view).__*

__About Convergence__

Convergence is the global network for blended finance, and generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Our global membership includes public, private, and philanthropic investors as well as sponsors of transactions and funds. 

We offer this community a curated, online platform to connect with each other on blended finance transactions in progress, as well as exclusive access to tailored trainings and original knowledge products such as case studies and reports. To accelerate advances in the field, Convergence also provides grants for the design of blended finance solutions that could attract private capital to global development at scale.

__Media Contact__ 
Karolyn Xie 
Head of Communications (interim) 
Convergence 
karolyn.xie@convergence.finance

[Subscribe](http://eepurl.com/gg_hjf) to receive our news

State of Blended Finance 2023 report focuses on climate, providing an overview of the state of the blended finance market, including insights on deal and investor trends.

Convergence launches the 2023 State of Blended Finance

Convergence Blended Finance releases new findings — reports 45% decline in global blended finance for climate

Today, more than 770m people lack energy access in the world1 – mostly in Africa (600m) and developing Asia (130m) – and the energy crisis makes solving energy precarity even more challenging as 70m people who recently gained energy access may not be able to afford it2.

This means that millions of families lack the foundation for social and economic development, and remain reliant on toxic and dangerous kerosene for lighting. Meanwhile, local businesses experience frequent power cuts and are unable to expand; and farmers cannot grow their yields or improve their climate resilience, despite solar energy & storage becoming one of the cheapest energy sources.

In many developing countries, women carry the primary household and family responsibilities day-to-day and are disproportionately affected by energy precarity. Impacts of the Mirova Gigaton Fund3 benefit women disproportionately vulnerable to the effects of climate change and poor basic services. 

## Proof of concept grant for the Gigaton strategy 

Convergence awarded a proof-of-concept grant to [Mirova](https://www.mirova.com/en) [SunFunder Inc](https://www.sunfunder.com/) for the design of the Mirova Gigaton Fund — a target USD 500m blended finance vehicle that aims to accelerate the clean energy transition and improve energy access by providing medium-long debt financing for clean energy projects and companies in Sub-Saharan Africa, Asia-Pacific, Middle East & North Africa and Latin America. The Fund was launched by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, supported by Mirova SunFunder East Africa Ltd as Investment Advisor, a wholly-owned subsidiary based in Nairobi. The strategy is 2X Challenge-qualified, supports women’s economic empowerment and access to energy, and has an investment strategy that applies a gender-lens across the firm, investment lifecycle, investees, and in its supply chain.

Gigaton investments are expected to directly offset 13.4m tonnes of CO2eq4, support 2.2m jobs and provide new or improved energy access to 10m people5 through 100 transactions to more than 50 borrowers (75% SMEs)6 in Solar Home Systems, Agri-solar, Commercial & Industrial solarization, telco ESCO, Mini-grids and other (e.g. e-mobility, storage, cooling) sectors in Africa, Asia & Latin America. 

## Current status of the Mirova Gigaton Fund 

[The Mirova Gigaton Fund announced its first close on March 2023 totaling USD 192m commitments](https://www.mirova.com/en/news/mirova-announces-first-closing-mirova-gigaton-fund)7 from DFC, Swedfund, Nordic Development Fund, Visa Foundation, Shell Foundation and Global Affairs Canada, in addition to a USD 50m guarantee from SIDA. Since then, Gigaton has attracted additional investors, from development finance institutions to impact-focused private institutions. A second closing is targeted before the end of the year8.

## Challenges to raising capital

While Gigaton’s unique positioning generally attracts private institutional investors with an impact pocket, the rising interest rates and their designed pricing make raising capital a challenge. As Gigaton invests in frontier markets, investees are in an environment that is decorrelated from interest rate fluctuations and the yield of the portfolio has only partly increased. Moreover, these investors normally request a rating of the Super Senior tranche, from big three rating agencies. Nowadays, most agencies do not have methodologies to rate blended finance structures and/or in emerging markets, and for the ones who could there is no certainty on obtaining a rating that satisfies investors’ appetite.

## How Design Funding has helped to advance the solution

The Design Funding from Convergence has been essential to develop Gigaton’s gender-lens approach, its Technical Assistance Facility, as well as fundraising (with the consideration of a potential rating of the Super Senior tranche), and pushing Gigaton's expansion in Asia. Convergence team has also been essential to connect with some key investors.

## The way forward

At this stage, the main objective for the Mirova Gigaton Fund is to continue aiming to reach deployment targets in the coming years, including some transactions in Asia. Future deployments would add to their existing USD 18.3m total investment(7), directed to Sub-Saharan companies in the Solar Home System, Agri-solar, and Commercial & Industrial sectors. Their pipeline includes USD 107m in investments(7), which would expand their investments to Asia, and to the Mini-grid, Telecom solarization and e mobility sectors.

The team dedicated to the Mirova Gigaton Fund continues to fundraise for its Catalytic Junior tranche (first loss shares) and its Super Senior tranche, welcoming well-informed investors from North America, Europe and Asia.

*1. Source: IEA, World Energy Outlook 2021. 
2. Source: IEA, World Energy Outlook 2022. 
3. MIROVA GIGATON FUND is structured in the form of a SICAV RAIF (Société d’Investissement à Capital Variable, Reserved Alternative Investment Fund) under Luxembourg law, open to subscription to eligible investors as defined in the regulatory documents. Mirova is the management company and Mirova SunFunder East Africa Ltd acts as Investment Advisor to Mirova. The supervisory authority approval is not required for this fund. The investment in this fund is exposed to risk of capital loss. The fund regulation is the source of information as it contains important information about its investment objectives, its strategies to achieve those objectives, and the main risks associated with any investment in that fund. It also contains information on fees and commissions, and other fees of the fund. Access to the products presented here may be restricted to some persons or in some countries. 
4. Estimates based on I-Care assessment as of Q3 2023. 
5. Impact estimates based on Mirova SunFunder’s assessment as of May 2022. 
6. Source: Mirova SunFunder as of September 2023. 
7. Source: Press release “Mirova announces the first closing of the Mirova Gigaton Fund.” 
8. Source: Mirova as of September 2023. *

Learn how funding from Convergence has supported the Mirova Gigaton Fund, challenges they've faced and what's next.