Plus, Sienna IM launches biodiversity-focused private debt fund with a target of €200m | EAAIF invests $20m to advance solar energy in Vietnam.
Swiss impact investor responsAbility Investments has announced the divestment of its 16.8% stake in Credo Bank, a Georgian bank specialising in providing financial services to micro, small and medium-sized enterprises (MSMEs) across the country.
responsAbility, which invested around $11m (€10.6m) in Credo bank in 2014 through multiple funds, has sold its stake for a undisclosed sum to Gojo & Company, a Japanese holding company of financial service providers focused on advancing financial inclusion.
responsAbility said that during its investment tenure, Credo Bank had transitioned from a microfinance institution to a universal bank and become an important enabler of entrepreneurial and SME growth in Georgia, supporting local economic development while advancing financial inclusion, particularly in underserved rural areas of the country.
Vlad Tsapko, head of financial inclusion equity at responsAbility, told Impact Investor the divestment aligned with the company’s strategy of creating sustainable value.
“By transitioning the ownership to Gojo & Company, a group committed to global financial inclusion, we ensure Credo Bank’s mission continues while enabling us to deliver returns to our investors and allocate resources to new opportunities in emerging markets,” he said.
Sienna Investment Managers launches biodiversity focused private debt fund
Paris-based asset manager Sienna Investment Managers says it has launched the first private debt impact fund dedicated to the preservation and restoration of biodiversity in Europe.
The Sienna Biodiversity Private Credit Fund has secured an anchor investment of €100m from Malakoff Humanis Group, a French mutual company specialising in health, insurance and private pensions, with a fund target of €200m.
Laurent Dubois, managing director for private credit at Sienna IM, said: “We offer this unique fund to investors who are sensitive to the common footprint left for future generations on ecosystem services, which we benefit from today. As a committed player, Sienna IM pursues a privileged dialogue with the companies financed in order to support them in the context of projects preserving or restoring biodiversity.”
EAAIF invests $20m to advance solar energy in Vietnam
The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, has invested $20m (€19.2m) into CME Solar, a Vietnamese solar company focused on the commercial and industrial sectors.
The investment will support the development of a pipeline of rooftop solar projects for companies in Vietnam, and CME Solar is expected to reach a scale of over 260MWp of projects on the back of this transaction
EAAIF, which is managed by global investment manager Ninety One, said that coal-fired power accounts for 45% of the Vietnam’s energy supply, highlighting the urgent need to help the country as one of the world’s largest manufacturing hubs for global businesses, to meet its development objectives. These include promoting green growth, reducing energy consumption, and accelerating the energy transition in key industries, including electronics, textiles, construction, steel, packaging, food & beverage, and manufacturing.
Esther Chan, director at Ninety One and fund manager of EAAIF, said: “Our investment in CME Solar is a testament to EAAIF’s ability to identify and finance infrastructure projects that will transform entire economies through targeted investments in job-creating sectors. The transition of Vietnam’s manufacturing sector to solar energy will significantly reduce carbon emissions in the country while continuing to support the sector’s green growth and economic dynamism.”
