BOARDROOM
Blue Earth and IDB commit $14mn to Galapagos sustainable tourism trailblazer…
Switzerland’s Blue Earth Capital and IDB Invest, a subset of the Inter-American Development Bank Group, have provided a $14mn loan to Quasar Expeditions, a sustainable tourism outfit operating in the Galapagos Islands. The loan will enable Quasar to run a hybrid boat, an operations centre, and provide training to the local community. In an interview with Impact Investor, Blue Earth’s Clara Sanchez said that IDB was aiming to be a leader on sustainability in the Galapagos, citing the bank’s support for Ecuador’s ambition of 85% renewable energy on the archipelago by 2030. The islands off the coast of South America, famously the birthplace of Charles Darwin’s theory of evolution, are home to rare flora and fauna and draw larger crowds every year.
GuarantCo gives $27mn guarantee to accelerate the energy transition in southern Africa…
GuarantCo has provided Zambia-based Africa GreenCo with a $27mn guarantee facility, with the aim to unlock up to $270mn of investment into renewable independent power projects (IPPs) in the region, Impact Investor reports. This comes as South Africa’s state-run (and fossil-fuel reliant) electricity company Eskom continues to face severe power-cuts. GreenCo’s new project aims to bring up to 300MW of renewable energy onto the grid, enough to power nearly 200,000 homes.
Toyota commits $300mn to ‘frontier tech’ in the fight against climate change…
Auto giant Toyota Motor Corp has increased its venture capital arm by $300mn, backing early-stage startups focused on so-called frontier technologies including carbon capture and AI. Bringing the total value of the fund to $800mn, the increase will be split between a climate fund – the company’s second – and a technology fund supporting science-based startups. Companies supported so far include aerial ridesharing platform Joby Aviation and green hydrogen pioneer Ecolectro. Speaking to Bloomberg, the fund’s general partner Jim Adler discussed the strong appetite for risk that the fund embodies, arguing that unless “disruptive” ideas are supported, investors “miss out on what is going on in the world”.
£123mn first close for crucial affordable housing fund…
Major impact investing firms including Big Society Capital and London CIV are among supporters of Savills’ Affordable Homes Fund, which has just achieved a £123mn first close. Savills, one of the UK’s largest estate agents, plans to use the fund to “invest in and manage a diversified portfolio of affordable housing, comprising both affordable and social-rent homes,” according to their website. For rental properties, it aims to provide a 20% discount compared to market rates, in areas in the lowest 40% of the Index of Multiple Deprivation – a combined measure of poverty in different regions. This comes as Savills estimate a £250bn shortfall in investment in affordable housing across the UK.
Ways to change the world every week
