ImpactAlpha, June 24 — The Covid pandemic has set back progress in providing access to clean energy in emerging markets. In Africa, 25 million more people are living without electricity than before the pandemic, according to the International Energy Agency’s Africa Energy Outlook 2022.
Solar energy is a key pillar for building the continent’s new energy economy, the agency says, and impact investors are working to accelerate the clean energy transition.
CrossBoundary Energy Access raised $25 million from Microsoft’s Climate Innovation Fund, Bank Of America and other investors to finance solar-powered mini-grids in rural Africa. Mirova, the $30 billion impact unit of French asset management firm Natixis, acquired Nairobi-based SunFunder to expand clean energy and climate investing in emerging markets. The new entity plans a $500 million debt fund to finance about 70 solar projects in Africa, Asia and Latin America.
Brookfield closed out institutional fundraising for its inaugural Global Transition Fund with $15 billion in what it says is the largest-ever private fund to support the transition to net zero. The fund already has invested $2.5 billion in developers of solar power, batteries and carbon capture and storage.
Clean energy overflow
Electric Hydrogen raked in $198 million in Series B funding from investors including Amazon, RioTinto and Honeywell to advance the use of green hydrogen in heavy industry… Generate Capital invested $500 million in Pine Gate Renewables, a utility-scale solar and energy storage developer, to build new projects in local communities in the U.S.