Press release: The Church Pension Fund Invests in $75 Million Off-Grid Solar and Financial Access Senior Debt Fund
Thursday, January 4, 2018
The Church Pension Fund (CPF), a financial services organization that serves the Episcopal Church, announced today that it invested $17 million in the Social Investment Managers & Advisors (SIMA) Off-Grid Solar and Financial Access Senior Debt Fund I, B.V. The $75 million fund will provide loans to microfinance institutions, distribution companies, and manufacturers in the off-grid solar sector located in sub-Saharan Africa and South Asia.
“This investment will enable customers of solar energy to lease on an affordable installment basis and will impact the lives of more than 1 million people while reducing carbon dioxide by 4 million tons,” said Asad Mahmood, CEO and Managing Partner of SIMA.
Roger Sayler, Executive Vice President and Chief Investment Officer of CPF, said, “The Church Pension Fund has historically invested in a number of funds that provide financing to companies that promote clean technology in developing markets. This investment represents our second investment focused on the off-grid solar sector as market conditions in this space remain extremely strong. Today more than 2.2 billion people across the world still live without reliable access to energy, and the underlying need for off-grid renewable energy still far outpaces the availability. This investment offers us the opportunity to provide funding for much-needed financing while also earning a competitive rate of return. We look forward to building our relationship with SIMA as we continue to explore future socially responsible investment opportunities.”
Photo courtesy of BusinessWire.
Source: Press release (link opens in a new window)