BOARDROOM
Estonian renewable energy firm raises €300mn for cross-country expansion
Tallinn-based renewable energy startup Sunly has secured €300mn in debt financing to support a mass building project, which will supply 1.3GW of solar, wind and hybrid storage across the Baltic states and Poland. The region continues to feel the effects of the war in Ukraine, as dependence on Russian gas continues to fuel price increases. Speaking to Impact Investor, co-founder and CEO Priit Lepasepp expressed hope that this new project would reduce “reliance on imported fossil fuels” whilst supporting the development of the localised renewable industry. Investors include Kommunal Landspensjonskasse, Norway’s largest pension fund.
Global Fund for Coral Reefs announces up to $50mn agriculture investment in Brazil
The Global Fund for Coral Reefs has announced an investment worth up to $50mn in Brazil’s Agrion Solutions, a producer of eco-friendly organo-fertilisers. Focusing on Brazil’s sugarcane industry, which yields over 700mn metric tonnes of the crop per year, Agrion works to reduce nutrient run-off whilst maximising crop yields. The Global Fund for Coral Reefs’ investment is indirectly focused on the benefits of sustainable agriculture practices on marine habitats, which currently suffer from pollution by fertilisers and pesticides. At present, Agrion produces approximately 60,000 tonnes of fertilisers per year at its facility in Minas Gerais and has plans to expand to 20 plants over the next decade.
Proparco joins consortium to give $60mn to the Bank of Palestine
Proparco, a development financier partially owned by the French Development Agency (AFD), has provided a senior debt of up to $20mn to the Bank of Palestine as part of a consortium agreement worth $65mn. This agreement will allow the bank to provide support to SMEs, who constitute 85% of the Palestinian economy. As the war in Gaza continues to take its toll on the Palestinian infrastructure and the economy, the agreement looks to support the Bank of Palestine in its commitment to impact-led initiatives, particularly focusing on the UN Sustainable Development Goals. In a statement on the Proparco website, CEO Françoise Lombard says the company looks forward to supporting the bank in its “ambitious yet crucial” aim of safeguarding the Palestine’s future.
IFC commits $50mn to Thai gender-inclusive bond for micro-entrepreneurs
The International Finance Corporation (IFC) has announced a $50mn investment in a gender-inclusive social bond issued by Muangthai Capital (MTC). This bond will be utilised as loans for women micro-entrepreneurs, focusing on those without access to formal financing. This is the first bond of its kind in Thailand. The news follows a baseline study conducted by IFC and supported by the Australian government that explored opportunities for MTC to provide support to female entrepreneurs. The IFC will continue to support MTC in the administration of the bond, providing capacity-building support to enable a growth strategy based on expanding access to finance for underserved groups across Thailand.
