FMO climate fund completes USD-412m first closing

Investors led by the Netherlands Development Finance Company (FMO) have reached a first closing of USD 412 million (EUR 362m) for a renewable energy focused on Africa, Asia and Latin America.

The fund, called Climate Investor One (CIO), was set up to support renewable energy projects in developing and emerging markets. Its focus will be solar, wind and run-of-river hydropower projects in the designated regions, FMO said on Tuesday.

The fund uses private sector financing as well as public sector donor funding. Among its supporters in the Netherlands are Directorate-General for International Cooperation, the Ministry of Foreign Affairs of the Netherlands and Nederlandse Waterschapsbank NV (NWB Bank). Some of its global investors are KLP Norway, Sanlam Investments Holdings in South Africa and the UK’s Royal Borough of Windsor & Maidenhead Pension Fund.

(EUR 1.0 = USD 1.134)

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