responsAbility launches US$200m climate fund

responsAbility, a leading Swiss impact asset manager, has announced the first close of its new energy access fund. The private debt fund addresses the lack of access to clean power globally with a strong focus on Sub-Saharan Africa and South and Southeast Asia. It is set up as a blended finance structure offering different risk tranches and has received commitments from a number of prominent public and private investors. 

The Fund is an initiative launched in partnership with AHL Venture Partners, Ashden Trust, Bank of America, Bohemian Impact Investments, Calvert Impact Capital, Clean Technology Fund, EIB, Facebook, FMO, Good Energies Foundation, the government of Luxembourg, IFC, Norfund, OeEB, Shell Foundation, Snowball and UK DFID, among others. At its first close, the Fund stands at US$151 m. It could grow to USD 200 m with a second close foreseen for later in 2020.

Incorporated in Luxembourg as a 10-year closed-ended structure, the Fund targets companies that provide solutions to households without access to electricity and to businesses looking for cleaner, cheaper and more reliable energy. Beyond the financing of the dynamic off-grid energy sector, it is the first investment fund of this scope to actively address the solar potential for the commercial and industrial (C&I) sector.

Over the lifetime of the fund, portfolio companies are expected to provide clean power to more than 150 m people, add 2,000 MW of clean energy generation capacity and reduce CO2 emissions by 6 m tonnes.