This report reflects on the portfolio of case studies on blended finance transactions that Convergence has produced since 2015. Convergence case studies are a knowledge product designed to provide a detailed and comprehensive dive into an individual blended finance transaction in order to build the evidence base for blended finance as a development tool and support practitioners and prospective investors in future blended finance endeavours.
While the repository of research relating to the launch and ongoing operations of blended finance transactions continues to deepen, little information is accessible on the ex-post performance of these deals. This report revisits our case studies transactions to capture this valuable data.
Key findings from the report include:
• Case study transactions have impacted over 200 million beneficiaries, including creating 124,000 jobs and displacing 86 million tons of CO2 equivalent through renewable energy alternatives.
• No case study respondents achieved lower than expected development impact, while nearly 75% of respondents found the impact tracking and measuring experience was as initially expected in terms of complexity and resource intensity.
• Commercial investments into case study transactions yielded market-rate or better risk-adjusted returns.
Finally, the report identifies a series of forward-looking perspectives based on our past findings from across the case study portfolio, that we believe will remain or become relevant in the blended finance market.