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Church Pension invests $17 million in off-grid solar debt fund
By Sarah Lizee
Olympia, Wash., Jan. 3 – Church Pension Fund invested $17 million in Social Investment Managers & Advisors’ (SIMA) Off-Grid Solar and Financial Access Senior Debt Fund I, BV, according to a press release.
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,” Asad Mahmood, chief executive officer and managing partner of SIMA, said in the release.
“The Church Pension Fund has historically invested in a number of funds that provide financing to companies that promote clean technology in developing markets,” Roger Sayler, executive vice president and chief investment officer of Church Pension, said.
“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 transaction follows recent socially responsible investments with the Cheyne Social Property Impact Fund, the Avanath Affordable Housing Fund and the Developing World Markets’ Off-Grid, Renewable and Climate Action Impact Note.
Church Pension is a New York-based financial services organization that provides pension plans for the Episcopal Church.
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