The Asian Development Bank has given its approval to two renewable energy projects pegged at $210 million, while the Impact Investment Exchange and Pacific Trade Invest Australia signed an agreement to bolster the impact investing market across the Pacific Islands.
ADB okays debt financing RE projects worth $210m
The Asian Development Bank (ADB) has approved two renewable energy projects worth over $210 million in debt financing from one of its cofinancing vehicles called LEAP or Leading Asia’s Private Infrastructure Fund, dedicated to private sector infrastructure in Asia and the Pacific.
ADB gave the green light to the initial projects for LEAP’s first year of operation following the processing of over $500 million of LEAP debt and equity transactions for private infrastructure throughout the region. This includes potential projects in India, Indonesia, Myanmar, Pakistan, the Philippines, and Thailand.
The Manila-based regional bank expects these initial projects will generate about $1.4 billion in total financing, including $264.5 million from ADB’s own capital and an additional $890 million from cofinancing partners.
Launched in August 2016, LEAP is backed by the Japan International Cooperation Agency (JICA) through a $1.5 billion equity commitment.
The ReNew Clean Energy Project in India recently commissioned a 48 megawatt (MW) solar sub-project in Telangana state and a 110 MW wind sub-project in Karnataka state. The Muara Laboh geothermal power project in Indonesia has commenced drilling, secondary works, and construction.
IIX, PTI Australia ink impact investing agreement for women-focused enterprises
Impact Investment Exchange (IIX), and Pacific Trade Invest Australia (PTI Australia) signed a letter of engagement to catalyze growth of the impact investing market across the Pacific Islands targeting mostly women-focused enterprises.
PTI Australia is Australia’s Department of Foreign Affairs and Trade (DFAT)-funded Pacific Island agency that creates jobs in the Pacific Islands by facilitating trade and attracting impact investment into the region.
IIX noted it will begin to effectively build the market for impact investing beginning in aquaculture and agriculture sectors with plans to expand the ecosystem deeply across 16 pacific island countries and the surrounding oceans.
“This understanding between IIX and PTI Australia aims to drive economic growth in the region while highlighting the potential of women-focused enterprises in the agriculture, ecotourism and fisheries industries,” IIX said in its statement.
Early this year, IIX officially extended its reach into the pacific working in the fisheries sector and then expanding its involvement with support from PTI Australia, and Pacific Readiness for Investment in Social Enterprise (Pacific RISE).
Founded in 2009, based in Singapore, IIX’s business model is to enable impact enterprises to accelerate their business and scale their positive impact, while pushing the impact investing space from the margins to the mainstream.