Church Funds Invest $60MM to Help Fuel Developing World Off-Grid Solar
- Mar 6, 2017 2:38 pm GMTMar 6, 2017 2:39 pm GMT
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The Church Pension Fund (CPF), a financial services organization the serves the Episcopal Church, and Wespath Benefits and Investments, an agency of The United Methodist Church, have invested $60 million ($30 million each) in Developing World Markets’ (DWM) pioneering $60.8 million ORCA (Off-grid Renewables-Climate Action) note.
Mobile "pay-go" off-grid home and community solar has caught on and is expanding rapdily from an inital base in Sub-Saharan Africa and South Asia. Carrying a 5.85% coupon and a four-year term, DWM’s ORCA social impact note breaks new ground, not only for DWM and its investors, but for both international development and sustainable energy finance.
“The Church Pension Fund was pleased to serve as an anchor investor, which helped bring other investors to the table to provide renewable energy finance loans to social businesses in the developing world,” CPF managing director and chief investment officer Roger Sayler explained.