Asia Digest: ADB, GCF climate financing pact; ATEC seals Series A for WTE projects

ADB general counsel Christopher Stephens and Acting GCF general counsel Raul Herrera, along with ADB officials, during the signing of the Accreditation Master Agreement in Manila (photo from ADB).

Asian Development Bank (ADB) and the Green Climate Fund (GCF) have signed an Accreditation Master Agreement (AMA) that will allow ADB to apply for GCF funding for projects. Impact Investment Exchange (IIX), meanwhile, assisted Australian-Cambodian social enterprise ATEC Biodigesters (ATEC) complete a Series A round for waste-to-energy investments.

ADB, GCF tie up for climate financing in Asia

The Asian Development Bank (ADB) and the Green Climate Fund (GCF) signed an Accreditation Master Agreement (AMA) that will enable ADB to access and administer new funding source to further increase its climate mitigation and adaptation efforts in Asia and the Pacific.

GCF, based in South Korea’s business district Songdo, works exclusively with accredited entities to support climate mitigation and adaptation projects and programs.

The AMA’s signing on Thursday is the conclusion of ADB’s accreditation process—approved in March 2015 — that enables ADB to apply for GCF funding for all sizes of projects, as well as all environmental and social risk categories. These funds would be in addition to ADB’s own commitment of providing climate financing of $6 billion per year by 2020.

ADB last July disclosed its own study indicating climate change could diminish the major achievements made during the past few decades in lifting large numbers of people living in the region out of poverty.

Also Read:

China: ADB, partners ink $100.5m financing package for waste-to-energy projects

ADB inks $109m financing for clean energy venture in Indonesia

ATEC seals Series A for waste-to-energy investments

ATEC Biodigesters (ATEC), an Australian-Cambodian social enterprise, has raised $700,000 in a Series-A equity round to expand its operations in Cambodia as well as to explore other international opportunities in the household waste-to-energy market.

ATEC raised investment with support from Impact Investment Exchange (IIX) through the award-winning ACTS (Acceleration for Capacity-building and Technical Services) program sponsored by USAID.

The program supports Impact Enterprises from across the region with technical assistance and an impact assessment, along with support throughout the capital raise process.

According to IIX, the funding round is bringing Australian and French investors together into the impact investment market in Asia.

A consortium of investors made the investment, led by Small Giants (Australia) and consisting of Fondation Ensemble (France), ENGIE Rassembleurs d’Energies (France) and one other private Australian investor. The investment round has then been matched with a further €250,000 in results-based-financing by EEP Mekong, a Government of Finland initiative.

ATEC’s unique household biodigester technology was founded and developed through a partnership of two Australian non-profits working in Cambodia, Engineers Without Borders Australia and Live and Learn Environmental Education, for specific application in seasonally-flooded countries such as Cambodia, Myanmar and Indonesia.

IIX claimed by installing a biodigester system, families in rural Cambodia utilize gas as a source of reliable and free energy, replacing traditional wood-burning cook stoves with a cleaner, healthier, and eco-friendly alternative.

“The system also produces a high-quality organic fertilizer that increases crop yield and can also be used as a substitute for chemical fertilizer. Combining these benefits, an average rural Cambodian family can save $260 per year,” IIX added.

Also Read:

IIX closes $8m Women’s Livelihood Bond for SEA, to seek listing on SGX

Singapore: IIX’s Impact Partners makes first debt-based deal in Pacific Baby

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.