Press Release: Deetken Impact Partners with Sustainable Energy Central America to Manage Renewable Energy Funds
Thursday, May 2, 2019
Deetken Impact and Sustainable Energy Central America (SECA) have formed a strategic partnership for the management of two renewable energy funds, the Honduras Renewable Energy Financing Facility (H-REFF) and the Caribbean Basin Sustainable Energy Fund (together, the “Funds”), as well as future funds focused on the renewable energy sector in Latin America and the Caribbean.
The Funds have targeted AUM of USD 100 million and current commitments of USD 63 million. Their mandate is to invest in grid-connected and off-grid renewable energy and energy efficiency projects and companies in Central America and the Caribbean. The Funds were specifically designed to fill the financing gap for SMEs in the Caribbean Basin region, which frequently struggle to obtain equity and quasi-equity financing.
As part of this strategic partnership, Deetken Impact has completed a minority equity investment in SECA, the investment advisor to the Funds, as well as in the general partners of each of the Funds. In addition, a fund managed by Deetken Impact has made limited partnership investments in the Funds.
“The transaction was motivated by the strong alignment between Deetken Impact and SECA to create and manage high performing investment funds focused on climate action in Latin America and the Caribbean,” said Alexa Blain, Chief Operating Officer of Deetken Impact. The partnership provides for immediately increased management and operational capacity as well as the opportunity for shared networks and project opportunities.
“Through this partnership between SECA and Deetken Impact we are creating a strengthened fund management team with a natural DNA of impact investing and a vision of current and future funds under management that will have significant contributions to the Sustainable Development Goals. We share the same values and investment culture that allow us to think jointly on exciting new offerings for impact investors in years to come” said Fernando Alvarado, Chief Executive Officer of SECA and of the General Partners of H-REFF and CABEF.
As part of this partnership, SECA will be rebranding as “Deetken Impact Sustainable Energy” and information on the Funds can be found on the Deetken Impact’s website: https://deetkenimpact.com/sustainable-energy
Photo courtesy of miuenski miuenski.