The investment in ReNew Photovoltaics aims to support India’s efforts to strengthen its homegrown supply chain to meet fast-increasing solar power demand.
The blue economy, historically one the most underfunded of all the UN SDGs, is gaining traction among investors thanks to new financing options, viable investment themes and supportive governance, Phenix Capital said.
The Paris-based asset manager said funding from private and corporate investors in nature-based solutions was accelerating, as they recognised the importance of decarbonising activities beyond their own value chains.
Investments in emerging market impact debt have consistently outperformed developed market debt of the same credit quality, according to the London-based emerging market assets manager.
The funds will be used for investments in energy storage infrastructure in southwestern Spain, in line with EIB’s action plan to support the REPowerEU initiative to improve the EU’s energy security and to reduce dependence on fossil fuel imports.
The Nigerian firm provides distributed solar power systems to off-the-grid customers and to those battling with the country’s unreliable and increasingly costly grid supply.
The bank is leaving the Net-Zero Banking Alliance, the world’s leading climate alliance of banks, pointing it disagrees with the alliance’s new, less strict course.
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