Progress Report 2019

Private Financing Advisory Network

 PFAN is hosted by UNIDO and REEEP.

The United Nations Industrial Development Organization (UNIDO) is the specialized agency
of the United Nations that promotes industrial development for poverty reduction, inclusive
globalization and environmental sustainability.

As of 1 April 2019, 170 States are Members of UNIDO. They regularly discuss and decide
UNIDO’s guiding principles and policies in the sessions of the Policymaking Organs. The mission
of UNIDO, as described in the Lima Declaration adopted at the fifteenth session of the UNIDO
General Conference in 2013, is to promote and accelerate inclusive and sustainable industrial
development in Member States.

The Renewable Energy and Energy Efficiency Partnership (REEEP) is an international

non-profit based in Vienna, Austria. REEEP designs and implements tailor-made
financing mechanisms, utilising targeted injections of public funding to build dynamic, sustainable
markets and ultimately make clean energy and energy efficiency technology accessible and
affordable to all. REEEP invests primarily in disruptive approaches led by small- and medium-
sized enterprise (SME) players in low- and middle-income countries, facilitating market- and
community-led energy transitions.
 Contents

1 Introduction

p. 4

2 PFAN in Context

p. 6

3 How Does PFAN Work?

p. 8

4 PFAN in 2018

p. 10

5 Climate Change Adaptation in Focus

p. 12

6
PFAN Gender Mainstreaming

p. 14

7
Success Stories

p. 18

8
Meet the Network

p. 24

9
Get Involved / Funding Partners

p. 28
PFAN: Progress Report 2019

1. Introduction
PFAN’s global network of expert consultants provides free business
coaching and investment facilitation to entrepreneurs developing climate
adaptation and clean energy projects in low- and middle-income countries.

I
nitiated by the UNFCCC and the Climate
Technology Initiative in 2006, PFAN
bridges the gap between promising
entrepreneurs who may not speak the PFAN helps me to build a
language of international investors, and
pipeline, and do some of the
international investors who have difficulty
finding good opportunities in low- and heavy lifting so I don’t have to
middle-income countries. do it. You see a lot of projects
Though our global mission is to mobilise
coming through that are half-
private investment for climate change baked, but with PFAN projects,
adaptation and mitigation, in support of they’re fully baked and you just
the Paris Agreement on Climate Change
and the Sustainable Development Goals, have to look at the financials
in our day-to-day work we are driven and cross the t’s and dot the i’s,
by our determination to help promising
entrepreneurs succeed.
then you are ready to go.
– Godfrey Mwindaare
In 2019, PFAN continues its journey to Partner at Aavishkaar Africa Fund
scale up its activities and reach more
project developers in more countries.
PFAN now accepts applications year-round
from 122 countries in Asia, Central America
and the Caribbean, Eastern Europe and
Central Asia, Sub-Saharan Africa and the
Pacific. We have stepped up our gender
mainstreaming efforts (see section 6 for
more information) and renewed our focus
on supporting projects which provide
climate change adaptation benefits, opening
PFAN up to a whole range of new sectors
and technologies (see section 5).

4
 Introduction

PFAN in Numbers

1.46
US$
Total investment leveraged
bn for
112 26
Projects
in

Countries

930
Clean energy
MW
generation capacity added
enough to
supply
465,000
Average European households

or

2,300,000
Average Indian households

3.2
Annual CO2e
mt
emissions mitigated
equivalent to
taking
680,000
Average cars off the road

390
Total projects in the
Development Pipeline
in
64 74
Countries Investment-ready projects
in the Development Pipeline

*from inception in 2006 until January 2019 5

PFAN: Progress Report 2019

2. PFAN in Context
As technology prices continue to fall, clean energy projects become more
profitable and the appetite of investors for such projects grows, now is a
time of enormous potential for the development of clean energy capacity
around the world. PFAN helps investors tap into this potential to expand
energy access, reduce damage to the environment, combat climate change
and grow local economies.

A
rapid scale-up of investment in PFAN has been tackling this challenge since
clean energy generation capacity 2006, using small amounts of public funding
is required to replace energy to leverage large amounts of private sector
generation based on fossil fuels and avoid investment for clean energy and climate
the worst impacts of climate change. At the adaptation projects in low- and middle-
same time, significant investment will have income countries.
to flow towards increasing the resilience of
vulnerable populations and helping them to While combating the causes and impacts
adapt to the changes already here and those of climate change is our ultimate goal, in
still to come. Governments alone will not its day-to-day work PFAN is driven by a
be able to provide enough investment to desire to help entrepreneurs succeed. We
achieve the impact required. know that getting a project off the ground
is difficult; we are aware of the barriers to
Unlocking private sector finance in support finding investment that project developers
of climate action is one of the main face. Helping entrepreneurs overcome
challenges that governments, international those barriers to fulfil their potential and
organisations and development banks contribute to climate change adaptation and
have been grappling with since the Paris mitigation is what motivates us.
Agreement entered into force.
The most visible results of our work are
the 112 projects thus far that have found
investment, and the resulting biomass
power plants, solar mini-grids, crop drying
installations and many other facilities that
have been built in Asia and Africa. What we
are perhaps even more proud of, though,
is our network of consultants, who coach
our projects to investment-readiness.
Many started out as project developers
themselves, and some have gone on
to become PFAN Country or Regional
Coordinators. They receive PFAN support
and capacity building where needed.
Building and expanding this network of
experts who help engineers speak the
language of entrepreneurs and investors,
based in Nigeria, Cambodia, the Philippines,
Nadège Payet-Tisset of Tanzania and everywhere in between, is our
E-Faitou, Senegal, pitches to
most important achievement.
investors at the Global Climate
& Clean Energy Investment
Forum in Vienna, May 2018.
Credit: E. Prokofieff for UNIDO. 

6
A rooftop solar installation in a PFAN in Context
business park in Accra, Ghana,
installed by Translight Solar.
PFAN supports Translight with
coaching and introductions to
financiers for scale-up capital.
Credit: CW Studios for REEEP.

7
PFAN: Progress Report 2019

3. How Does PFAN Work?

Between submitting a proposal and reaching financial close,
PFAN projects undergo intensive one-on-one coaching to perfect
their business plans, financial structures and investment pitches.
Once investment-ready, projects may be invited to present
at an Investment Forum, or receive tailored investment
facilitation services.

01. Open-ended Call for 06. C

 limate & Clean Energy
Applications Investment Forum
Project developers are invited to submit Projects on the verge of investment-
proposals online, through PFAN’s custom- readiness can be selected for participation
built project management system. in a Climate & Clean Energy Investment
Forum, where developers get the chance
to pitch their business plans directly to a
02. Project Selection room full of investors. In the run-up to the
Forum, these projects receive intensive
A minimum of two expert evaluators assess
coaching to perfect their business plans
the maturity, viability and climate change
and investment pitches.
mitigation and adaptation potential of
each project, and make a recommendation
for acceptance or rejection.
 07. A
 udit by Investment
Facilitation Team
03. Pipeline Induction Before progressing to the forum, each
At this stage, each project is assigned a project’s financial model is audited by
coach, usually based in the same country. the Investment Facilitation Team to
Coaches are selected from PFAN’s global confirm its viability and the project’s
network of clean energy and climate investment-readiness.
adaptation financing experts.

08. T ipping Point

04. Investment Facilitation Technical Assistance
Investment-ready projects are placed in This is late-stage technical assistance a
the Investment Facilitation stream, where project developer can request when an
they benefit from one-on-one support by interested investor has been found, to be
the Investment Facilitation Team, including used to remove final barriers standing in the
targeted introductions to investors. way of investment. This assistance can take
the form of a legal opinion, technical review
or engineering feasibility report. It can also
05. Long-Term be used to support due diligence
Development  Pipeline and meeting of conditions precedent.

Projects that are not yet investment-ready

are placed in this stream, where they receive
09. Financial Close
coaching for as long as it takes them to reach
investment-readiness. After finishing their The PFAN coach supports a project until
coaching process, they can be moved into one or more deals have been closed for the
the Investment Facilitation or Investment full amount of the investment asked.
Forum streams.

8
 How Does PFAN Work?

01

Open-Ended Call for

Applications

project origination
02 03

Project Selection
Pipeline Induction
Investment readiness
assessment

04 05 06
Investment Long-term Development Climate & Clean Energy
Facilitation Pipeline Investment Forum

Accelerated path to Coaching on project Intensive path for

investment facilitation structure & business model Investment Forum-ready
projects

project development pipeline

07

Audit of Financial
Model by Investment
Facilitation Team

08
Investor Introductions
Investment Forums
Tipping point technical
assistance Investor Roadshows

One-to-one
introductions

09

Financial Close

9
PFAN: Progress Report 2019

4. PFAN in 2018 In 2018, the PFAN Project Development Pipeline

underwent extensive consolidation and quality control,
which resulted in a lower total number of projects, but
a higher overall quality.

Key Statistics

ELEVEN 8 of which Projects raised investment

through direct PFAN
investment facilitation
3 Projects supported by
PFAN raised investment
through other avenues

64
Projects raised investment

142,500 t/yr
CO2e emission mitigation potential

US$ 215,786,935
Investment leveraged Projects added to pipeline

Regions and Countries

Southeast Asia South Asia West Africa

4 6 1

2 2 2 3 1 1
Cambodia Philippines Nepal India Bangladesh Côte d’Ivoire

Technologies
Clean Solar Waste to Biomass Hydro Energy
transport 4 energy 2 2 Efficiency
1 1 1

10
 PFAN in 2018

Forums held
Events

8th 3rd 2nd 2nd

Asia Forum for
Climate & Clean
West Africa Forum
for Climate & Clean
Global Climate
& Clean Energy
Investment
Forum: Sida-PFAN
Energy Financing: Energy Financing: Investment Forum: Initiative for
Singapore, Abidjan, 12 April 2018 Vienna, 16 May 2018 Climate & Clean
Mini-Forums/PFAN-facilitated 2 February 2018 Energy Financing:
Partner Forums: Nairobi, 31 May 2018

Philippines: Deep-Dive Singapore: PowerACE Start-up South Africa: Catalyzing

Workshop on Women Competition: Investment for
Entrepreneurship in Asia Clean Young SMEs:
Clean Energy: Energy Summit, Africa
Asia Clean Singapore, 31 October Investment Forum,
Energy Forum, – 2 November 2018 Johannesburg,
Manila, 8 June 2018 7-9 November 2018

Country Coordinators recruited since In the following countries

32
People
January 2018

7
Asia Africa Eastern Europe
Bangladesh, Côte d’Ivoire, Ghana, & Central Asia
Cambodia, Nigeria, Senegal Kazakhstan, Georgia
of which women India, Indonesia, & Guinea, Mali, Togo & Azerbaijan, Moldova
Thailand, Nepal, & Benin, Sierra Leone,
Philippines, Sri Lanka, Liberia, Burkina
Vietnam, Pakistan, Faso, South Africa,
Malaysia, Myanmar Zambia, Tanzania,
Mozambique, Malawi,
Country Coordinators Kenya, Namibia,
Rwanda

Members (coaches) gained since January 2018

44 11
of which women In the following regions

Asia Global/other Sub-Saharan Africa

16 2 25

Members

1
Eastern Europe
& Central Asia
11
PFAN: Progress Report 2019

5. Climate Change
Adaptation in Focus

On the outskirts of Accra,

Ghana, Dominic Addae
secures a load of plastic
to his trailer. The plastic
will be taken to a sorting
facility managed by
Environment360. This
project, supported by
PFAN, employs waste
pickers to collect and sort
waste plastic, which it
sells on to national and
international markets. This
provides a steady source
of income for hundreds
of locals, and removes
harmful plastics from the
environment.
Credit: CW Studios
for REEEP.

T
o highlight the role the private In contrast to this, much less emphasis has
sector, including businesses and been placed on developing and sourcing
investors, can play in climate change investment for commercially viable projects
adaptation as well as mitigation, PFAN has and businesses that contribute to climate
renewed its focus on supporting projects adaptation and resilience. PFAN will
that deliver adaptation-related and climate address this gap by seeking businesses in
resilience benefits in low- and middle- various sectors which offer opportunities
income countries. for commercially viable projects to deliver
climate adaptation benefits, by reducing
Entrepreneurs and investors around the climate vulnerability or increasing the
world are becoming increasingly aware resilience of populations to the effects of
of the fact that it is possible to develop climate change.
commercially viable projects that contribute
to climate change mitigation.

12
 Climate Change Adaptation in Focus

In 2019, PFAN has begun soliciting water footprints of agriculture or industry,

applications from businesses that deliver thereby reducing pressure on scarce natural
adaptation-related benefits to their resources; and projects that enhance
communities and will be highlighting communities’ capacity to recycle waste and
these benefits to investors and the wider turn it into economic opportunity.
public. PFAN will support projects in the
clean energy sector but also in agriculture, In the coming years, we hope to support
infrastructure, water, tourism, insurance and many such projects, to demonstrate
others. Examples of eligible projects include how the private sector can contribute to
those that increase the resilience of farmers climate change adaptation where it is most
by providing them with extra income; urgently needed.
projects that reduce the ecological and

Kwame Agyako-Agyeben is an expert in charcoal production

working with the Kumasi, Ghana-based Millennium
Development Institute on a sustainable charcoal project.
Using only off-cuts from the forestry industry and other
waste materials, the project reduces deforestation. Its
product is cheaper and burns more cleanly than regular
charcoal, reducing the risk of respiratory issues associated
with cooking on open fires. “I’m looking forward to PFAN
helping me to produce a business plan that will be attractive
to investors. I know [this] to be a great business.”
Credit: CW Studios for REEEP.

13
PFAN: Progress Report 2019

6. PFAN Gender
Mainstreaming
Over the past two years, PFAN
has developed and tested an
extensive strategy to guide its
gender mainstreaming efforts.

B
The four finalists of the roadly, PFAN aims through these opportunities in the sector are growing
PFAN-CTCN-ECREEE
efforts to ensure that: and clean energy companies in emerging
Call for Proposals for
Women-Led Businesses markets often face difficulties finding
in West Africa, Lara van enough staff.
Druten, Managing Director
1) Women and men have equal
of the Waste Transformers;
Nadège Payet-Tisset, opportunities to benefit from and participate Women own up to 37% of the small- and
Project Development in its services; and medium-sized enterprises that form the
Manager, E-Faitou; Hannah backbone of emerging market economies,
Kabir, Founder and CEO
2) The projects supported by PFAN target but women entrepreneurs are less likely
of CREEDS Energy Ltd
and Frederique Sheridan, gender impacts, to empower women and than men to be able to access financing
General Manager at girls in their societies and to ensure equal for these businesses. Women also tend
VITALITE Senegal, pose to have fewer opportunities to influence
access to and benefits from their climate
with PFAN Gender
Ambassador Sabera Khan
adaptation and clean energy solutions for decision making in their communities, and
at the Climate & Clean women and men. reduced access to resources including land,
Energy Investment Forum education, information and credit.
in Vienna, May 2018.
What is Gender Mainstreaming?
Gender mainstreaming is the process of PFAN has the opportunity to improve this
ensuring that the concerns and experiences situation by supporting women climate
of men and women are at the heart of all and clean energy entrepreneurs to access
decision-making within PFAN, with the financing and grow their businesses. We
goal of contributing to the achievement of can also provide them with international
gender equality. visibility, allowing them to become
role models for other aspiring women
Women in Clean Energy Business entrepreneurs. We provide capacity building
Though the clean energy sector employs to our coaches and country coordinators
a larger percentage of women than the so that as a network, we can reach
traditional energy sector - according to and support women entrepreneurs
IRENA, 32% versus 20% - women remain more effectively.
under represented, particularly in technical
jobs. At the same time, employment

14
 PFAN Gender Mainstreaming

Women as Clean Energy Users radio, television and the internet and with electricity, women were 23% more
Clean energy and climate adaptation can also improve food security through likely to be employed outside the home.
solutions can have a large positive effect solutions for irrigation and cooling or drying
on the lives of women in low- and middle- of agricultural products. All of these impacts PFAN has the opportunity to help more
income countries: improved cookstoves make housework and the provision of food women access clean energy and climate
eliminate the need to gather firewood and less time-consuming, which frees up time adaptation solutions by building the capacity
reduce indoor air pollution; electrification for women to engage in other activities. A of project developers to recognise and
increases access to information through study in Nicaragua found that in households target gender impacts with their projects.

Women in Business* Women in Clean Energy

In Africa these numbers are even higher:

In emerging markets, women own in Nigeria, Ghana and Zambia more than

30-37%
of Small- and Medium-Sized Enterprises
50%
of business owners are women.
32%
of clean energy jobs are held by women.

These 8-10 million women-owned SMEs Women in low- and middle-income In the traditional energy sector, just
have estimated unmet financial needs of countries are

US$ 260-320 9% bn.

less likely than men to have a bank
account and associated access to credit.
20%
of jobs are held by women.

* Data from World Bank, IFC and the Global Entrepreneurship Monitor.

What PFAN is Doing

PFAN’s gender mainstreaming efforts support goals in four different spheres where PFAN can have an impact:

Individuals Environment Clean Energy Entrepreneurs

& Climate Adaptation
Regardless of their gender, Ensure all persons and Strengthen local partnerships to
ensure individuals have the institutions PFAN works Contribute to the goal of support women entrepreneurs,
same opportunity: with are made aware of the women and men having equal especially to transition from the
importance of gender equality, opportunity to access and to non-profit model into profitable
• To receive support from PFAN by making this a constant benefit from clean energy and businesses.
as a project developer; and agenda topic and part of any climate adaptation solutions,
evaluation discussion. either as a final user or as a
• To be part of PFAN as a team financial beneficiary.
member, a coordinator, a
network member (coach),
a partner, an investor or
service provider
PFAN: Progress Report 2019

PFAN Gender Statistics

At the beginning of our gender mainstreaming journey,

the PFAN team, network and pipeline do not yet all
display a gender balance. Improving this balance is
central to our gender mainstreaming strategy. female male

PFAN Operations Teams: Head Developers of Projects Gender Focus of Projects in PFAN Pipeline
UNIDO and REEEP in PFAN Pipeline

32% 6% 10% 27% 25%

60% 40% 33% 67% Central focus

Significant focus

PFAN Network Members PFAN Country Coordinators

Some focus

Limited focus

20% 80% 22% 78% No focus

Entrepreneurs, judges
and special guests at the
2018 Climate & Clean Energy
Investment Forum in Vienna.
Credit: E. Prokofieff for UNIDO.

PFAN-CTCN-ECREEE Call for Proposals Over 50 project applications were received,

for Women-led Climate & Clean Energy a much higher number of applications by
Businesses in West Africa women than PFAN receives in regular
I learnt a lot about financial calls for proposals. This demonstrates
In the autumn of 2017, PFAN partnered models and business that targeted calls for proposals, including
with the Climate Technology Centre targeted outreach activities, can be a highly
and Network (CTCN) and the ECOWAS planning, and raising finance effective way to encourage more women
Centre for Renewable Energy and Energy for running a business in to apply. Twelve projects from this call are
Efficiency (ECREEE) to launch a call for currently receiving PFAN support, and four
proposals for women-led businesses in
renewable energy. We started pitched to investors at the 2018 Climate &
West Africa, in support of the ECOWAS talking with a couple of Clean Energy Investment Forum in Vienna.
Policy for Gender Mainstreaming in investors who are interested in
Energy Access.
our business proposition.
– Hannah Kabir
CEO, Creeds Renewable Energy

16
 PFAN Gender Mainstreaming

PFAN’s Gender Workshops at ACEF In response to the enthusiastic reception

of the event in 2017, in 2018 the Asian
In 2017 and in 2018, PFAN organised Development Bank and PFAN organised
side events at the Asia Clean Energy a larger session, including presentations As a mother, I am concerned
Forum (ACEF) in Manila to highlight the by women entrepreneurs and broader
experiences of women clean energy discussions about the macro environment
about a clean environment for
entrepreneurs in South and Southeast Asia. and gender lens investment. my child, for my family and for
my community. As a woman, I
think about gender equality. I
started my business in energy,
so that I could bring solar
energy to the communities
and I could get a lot of women
participation in the green
energy system.
– Quynh Trang Nguyen
General Director, Hoa Phong E&C
Investment and Development JSC
Participants at the Deep Dive Workshop on Women
Entrepreneurship in Clean Energy, ACEF 2018.

PFAN Gender Ambassador

Sabera Khan speaks at the
2018 Climate & Clean Energy
Investment Forum in Vienna.
As PFAN we still have a lot of Credit: E. Prokofieff

work to do. We want to say for UNIDO.

to our female entrepreneurs:

be bold, be ambitious, we can
help you get to where you want
to be. The world needs more
balanced businesses. And
investors want to see more
balanced businesses.
– Sabera Khan
Gender Ambassador
PFAN’s Gender Ambassador

The role of PFAN’s Gender Ambassador

is to lead gender mainstreaming in
all operations of the network and the
secretariat, and to be a public face for these
efforts, speaking at events and to partners
about the need to provide private financing
to more women in the climate adaptation
and clean energy sectors. Sabera Khan, also
PFAN’s Country Coordinator for Zambia, has
fulfilled this role since 2016.

17
PFAN: Progress Report 2019

7. Success Stories
The projects described in the following pages all raised
investment with PFAN support in the past year, and give
an impression of the wide range of projects in the PFAN
Development Pipeline: from Côte d’Ivoire to Cambodia,
and from efficient stoves to hydro-power.

Agnisumukh
Energy Solutions Pvt. Ltd.

Technology
Energy Efficiency

Location
India

Investment amount
US$ 1,241,820

E
ven game-changing ideas may go But when looking for start-up capital,
nowhere if they are not supported numbers mean little unless they are the
by a solid business model. This was kinds of numbers investors want to see.
nearly the case with Agnisumukh’s energy It was not until the business model was
efficient stoves, said the company’s CEO reviewed to reflect the investors’ interests
Hari Rao. An income tax officer in his that Agnisumukh was able to attract larger
previous career, Mr Rao said it was his investors, refine its products and scale up.
love for cooking that led him to investigate
the common cook stoves found in Indian “Every start-up goes through a period of
households, and to question the lack of confusion which makes it rudderless,” said
innovation in cooking technologies. Mr Rao. During this period, he realised
His investigations would lead to the that technological innovation, however
development of smokeless, residue- promising, was not enough; Agnisumukh
free, noiseless and flameless industrial also needed a solid business model to
stoves that are more economical to use succeed. “That is what PFAN helped us
and present lower health risks to users. with. PFAN helps turn technocrats into
Initially, the stoves used half as much gas as entrepreneurs with a strong mission
traditional stoves. Further R&D would lead and vision.”
to the development of stoves which reduce
gas consumption by 70% compared to Mr Rao highlighted the coaching provided
traditional stoves. by PFAN as particularly impactful, as coach

18
 Success Stories

Nagaraja Rao “made us build, brick by ‘the friendly face of fire’, Agnisumukh’s
brick, an attractive business model first on goal is to transform lives by providing
paper and then taught us to translate it onto cleaner, greener, energy-efficient radiant
the ground.” PFAN helps turn technocrats heat cooking solutions that can be used
into entrepreneurs with a strong with different gas fuels. Thanks to the
Agnisumukh has grown by garnering high- investment it has raised, the company is
profile clients in the hotel and restaurant mission and vision. [Our coach] now able to help mitigate the ill-effects
sectors, and has increased the number of made us build, brick by brick, of traditional cooking in commercial
different devices it sells from two to 16 in kitchens. And the stoves provide benefits to
just three years. It has spent time building
an attractive business model customers, too: the radiation and convection
its brand and improving product design. The first on paper and then taught us heat cooks food more evenly than traditional
company is now gearing up to become a to translate it onto the ground. stoves, leading to less burning, better
“formidable global brand.” preservation of nutrients and better taste.
– Hari Rao
Remaining true to Hari Rao’s initial CEO, Agnisumukh
interest and to its name, which means

Singrobo-Ahouaty
Hydro Power Plant

L
ocated near the villages Singrobo and Hydro Energy (IHE) Holdings for a total of Financing in 2015, and has been supported
Ahouaty on the Bandama River in US$197.08 million. by PFAN ever since.
Côte d’Ivoire, the 44 MW Singrobo-
Ahouaty hydroelectric plant (SAHP) became The project, the brainchild of local In a statement released by the company,
the first independent power project of entrepreneur and founder of IHE Holdings Mr Etty said he has seen first-hand the
its kind to reach financial closure in West Ekolan Alain Etty and supported by opportunities electrification brings to a
Africa, thanks to financing from the African shareholder Thermis, will help increase the country in nearly four decades of working
Development Bank (AfDB) and the Africa country’s overall power capacity as well as as an engineer. “Today, however, it is not
Finance Corporation (AFC). reduce generation costs, and establish Côte enough to have just power. We need a cost
d’Ivoire as a leading power generator in effective renewable and sustainable energy
PFAN supported the project in raising the region. source so that development is inclusive and
US$ 59 million from AfDB. Later, the does not adversely affect the environment.
AFC followed with a majority equity The journey has been a long one. IHE The Singrobo-Ahouaty Hydropower Project
investment and bridge loan facility to Ivoire won the business plan competition at the achieves all of these objectives.”
second West Africa Forum for Clean Energy

Today, however, it is not enough

to have just power. We need a Technology
cost effective renewable and Hydro
sustainable energy source so
that development is inclusive
Location
and does not adversely affect Côte d’Ivoire
the environment. The Singrobo-
Ahouaty Hydropower Project
Investment amount
achieves all of these objectives. US$ 59,000,000
– Ekolan Alain Etty
Founder, IHE Holdings

19
PFAN: Progress Report 2019

Gakaon Falls
Mini Hydro Project

H
ydropower is one of the oldest PFAN provided critical support to get Mr Urbiztondo noted that this support was
forms of renewable energy and one the Gakaon Falls Mini Hydro Project to especially valuable as his team was made
of the most affordable. Whereas this stage. “PFAN provided pro-bono up of technical experts and engineers, none
large hydro projects tend to be controversial technical assistance to improve relevant of whom had the skillset required to attract
due to environmental concerns, smaller, project documents, such as the business investment for the project. “We were very
lower-impact hydro projects are becoming plan with its business model and financial glad to have coaches who were experts in
increasingly attractive to investors, spreadsheet, and make them palatable to financial and environmental issues.”
according to Godolivo Urbiztondo, President funding institutions.”
of Gerphil Renewable Energy. Gerphil is Having raised the required investment,
part of the consortium developing the 2.2 The project is located on Mindanao, the the consortium is now working towards
MW Gakaon Falls Mini Hyrdro Project. second-largest island of the Philippines. The completing construction. Local people
“Ten years ago, it would be difficult to find majority of the island’s energy is generated will be prioritised for employment in
local banks willing to finance the project, by coal and oil-based power plants. Just construction and operation of the project.
but today there are government financial 35% of energy comes from renewable The project, Mr Urbiztondo said, will not
institutions willing sources, despite several untapped potential only provide improved access to clean
to finance renewable energy projects hydro sites. and affordable energy, but will also offer
with loans.” education and employment opportunities to
PFAN offered the project technical local communities.
Still, for small-scale projects in the assistance to secure government permits
Philippines, government loans come and to gain funding from a local bank, Mr Urbiztondo said PFAN’s support had
with lengthy and sluggish administrative but the most impactful support PFAN been critical to help the project progress,
processes, taking up to three years provided may have been the training to adding that he thought that many other
and requiring the sign-off of some 180 help the consortium improve its pitch to clean energy projects in the Philippines
government officials. potential investors. “PFAN greatly helped could benefit greatly from PFAN’s services.
us in presenting our funding requirements
Though legislation to fast-track the process to investors.”
is in the pipeline, seeking non-government
funding remains an attractive alternative,
if the project can reach a stage where
investors will consider it. PFAN provided pro-bono
technical assistance to improve
relevant project documents,
such as the business plan
Technology
with its business model and
Hydro financial spreadsheet, and
make them palatable to funding
Location
institutions. PFAN greatly
Philippines helped us in presenting our
funding requirements
Investment amount
to investors.
US$ 8,800,000 – Godolivo Urbiztondo
President, Gerphil Renewable Energy

20
 Success Stories

SURE Angeles City

Waste2Worth Project

over 1500 tons of waste per day, converting

it into valuable commodities including
recycled raw materials, electricity, diesel
fuel, and compressed gas. “That is why it is
called waste to ‘worth’,” she said.
Technology
Waste to Energy The initiative has great scope to grow as
both the supply of waste as a raw material
and the demand for the valuable end
Location products such as electricity, fuel and gas
Philippines are vast. Ms Boughton says the company
wants to keep waste on land and out of the
ocean and river systems. “[We aim] to keep
creating value from waste as a means for
Investment amount
US$ 33,850,115 creating economically viable infrastructure
in places that need it the most.”

J
ulia Boughton, a specialist in the “At the time we were seeking funds for
evaluation of emerging technologies front-end engineering,” explained Ms
One of our projects has already
and their integration into high- Boughton. “I was introduced to [PFAN] and been funded and the other two
impact sustainability projects, started told the programme could introduce us to
have identified investors and we
her journey in the corporate world. While entities which may be able to facilitate the
working in product development at funding.” Waste2Worth would soon be are going through due diligence.
Procter and Gamble, she led an initiative presented to the United States Trade and [We aim] to keep creating value
in support of the company’s long-term Development Agency, and be awarded a
sustainability vision: stopping all consumer grant which covered three proposed waste
from waste as a means for
waste entering landfills. Inspired by this processing facilities in the Philippines. creating economically viable
experience, she would take the idea of Some of the biggest impacts of the infrastructure in places that
‘waste to worth’ beyond corporate shores cooperation with PFAN were that the
and establish a dedicated company to funding obtained helped Waste2Worth need it the most.
facilitate the use of waste as a resource. complete its designs. This in turn enabled
– Julia Boughton
the hiring of a construction contractor and
CEO, Waste2Worth
The new company, Waste2Worth, had making the projects investment-ready.
an ambitious plan: to build plants that
would turn waste into recyclables and The planned facility is today on the verge
fuel. This plan was backed up by positive of commencing construction and because
feasibility studies, initial research funding it is seen as one of the few “investable
and concessions from three Asian cities. A and ready projects in this space in Asia,”
PFAN representative heard Ms Boughton, Waste2Worth has attracted attention from
now CEO of Waste2Worth, presenting at multiple types of financiers, including
an Asian Development Bank conference development banks, major industry players,
and struck up a conversation on how PFAN NGOs and impact investors.
could be a good fit. She was introduced
to the programme and a relationship “One of our projects has already been
was forged with a plan to take the funded and the other two have identified
concept to the next level of technical investors and we are going through due
refinement and get it ready for investment diligence,” explained Ms Boughton, adding
and construction. that in total, the three projects will process

21
PFAN: Progress Report 2019

Peer-to-Peer Electricity Sharing

Microgrids - SOLshare

A
ccording to SOLshare’s Sebastian
Groh, PFAN came “exactly at
the right time”. The company’s
business model had been developed SOLshare is committed to a
by a multidisciplinary team as part of new energy world fuelled by
the Stanford Ignite Programme in 2013.
The goal was to provide sustainable,
the five D’s: decentralisation,
affordable energy access to low-income decarbonisation, digitisation,
communities in rural areas. The newly democratisation and disruption.
conceived business model would make use
of a solar-powered decentralised peer-to- – Tanzila Reza
peer microgrid system and would focus Marketing Officer, SOLshare

Technology
Solar

Location
Bangladesh

Investment amount
US$ 2,000,000

particularly on contributing to development understanding of the sector and of how The company will install another 100 grids
in Bangladesh. The system integrates best it could grow its business, financial within the next years in collaboration with
households with solar home systems into a prospects and social impacts. Grameen Shakti. Before raising investment
community microgrid, allowing customers through PFAN, it won multiple grants
to sell excess electricity to their neighbours The company empowers communities and awards, including the United Nations
using mobile money. to earn a direct income from the sun. Department of Economic and Social Affairs
SOLshare believes that the solar peer-to- Energy Grant.
The innovative system needed a solid peer grids in Bangladesh can be the future
business plan, which the team developed of utilities globally, explains the company’s SOLshare was listed in the Global
with PFAN support. Groh said the Marketing Officer Tanzila Reza. “SOLshare CleanTech 100 this year and has started
opportunity to work with PFAN coaches is committed to a new energy world piloting its systems in Assam, India.
meant the business was “pushed and fuelled by the five D’s: decentralisation, According to Mr Groh, the company
mentored to put a first plan in writing and decarbonisation, digitisation, continues to benefit from the connections
step out into the world and start telling our democratisation and disruption.” it gained through working with PFAN.
story.” PFAN helped facilitate relationships
with key players in the sector. Groh said SOLshare has thus far installed 25
SOLshare made the most out of the PFAN peer- to- peer solar microgrids, providing
coaching and support, and gained a better electricity to more than 1,500 beneficiaries.

22
 Success Stories

Solar Green Energy Cambodia

Technology
Solar

Location
Cambodia

Investment amount
US$ 355,000

S
olar Green Energy, or SOGE, was Today, the company has grown from
the first 100% Khmer-managed offering a small range of products to
and -operated solar company to providing a broad range of services to both
be established in Cambodia. While other small- and large-scale initiatives at the
players are also active in the market, national and municipal levels, something
providing Cambodians with Cambodian Ms Kheav says has been made possible by
products has been a source of pride her experience with PFAN. “PFAN helped
for founder and CEO Thida Kheav. The me to build a suitable business plan, design
company has been providing a range of monitoring tools and find funding to support
“clean and green” solutions to underserved my project,” said Kheav. She remains in
Cambodian communities since 2004. contact with her PFAN coach who “still
supports and coaches me on my business”.

“Our business has really impacted people’s

lives,” said Ms Kheav, explaining that in
some areas where solar water pumps and
off-grid solar energy solutions have been
provided, communities have been able to
phase out the use of diesel and petrol for
domestic and agricultural purposes. “People
have been really satisfied with the reduction
in costs to pay for fuel.”

PFAN helped me to build a

suitable business plan, design
monitoring tools and find
funding to support my project.
– Thida Kheav
Founder and CEO

23
PFAN: Progress Report 2019

8. Meet the Network

Peter Storey Sabera Khan

Global Coordinator Gender Ambassador and Country
Helsinki, Finland Coordinator, Zambia
Lusaka, Zambia
At the time of PFAN’s launch, Peter
focused on clarifying the vision and set up Besides her work for PFAN, Sabera heads
of the network. As the network evolved, so the Africa Carbon Credit Exchange and
too did his role, and his focus shifted to the the Green Knowledge Institute in Lusaka,
development of the business model and Zambia. Sabera works closely with the
network expansion. More than 360 projects Southern African Regional Coordinator,
later, Peter’s role today is to provide connecting country-level projects to
guidance and general management. He still regional trends as she believes investors are
likes to stay involved in the ‘nuts and bolts’ keen to work with local projects that have
of the work – something which he remains regional outlooks.
passionate about more than a decade down
the line. Sabera supports the mainstreaming of
gender into all aspects of PFAN’s work. It
The structural changes that PFAN is not about tokenism or ticking boxes, she
underwent in recent years have meant says. “Teams that are well balanced make
great growth potential and capacity to the most effective businesses. It’s not just
pursue new opportunities. It’s Peter’s job to about a good feeling.” Her role as gender
ensure the network’s branches all maintain ambassador includes advocating for gender
focus. “We want to keep a very narrow equality in the way finance is accessed
range of activities and results. The market by entrepreneurs, and helping to create
today contains a lot of noise – some of it increased value for women beneficiaries
useful, some of it not. We need to keep from private sector activities.
focus, but grow in a meaningful way by
identifying key partners. It’s an exciting, but
challenging time.”

We are responding to a
growing investor interest
The real joy is being able to in ethical, social and
help other people reach their responsible investment
dreams – not only in seeing opportunities, and for these
their work come to life, but also you need balanced teams
in making money and having a with men and women.
beneficial impact on the planet We want to encourage this
by reducing carbon emissions and tell projects that investors
and helping to establish a new look for good, strong and
energy paradigm for a low balanced teams.
carbon future.
– Sabera Khan
24 ­– Peter Storey
 Meet the Network

Nagaraja Rao Albert O. Boateng

Head of Investment Facilitation Regional coordinator, West Africa
Bangalore, India Accra, Ghana

Nagaraja provides investment facilitation Albert joined PFAN as a coach in 2013.

support through transaction structuring, As regional coordinator, he supports project
financial modelling, project risk identification development across West Africa, covering
and investment negotiations support. 15 countries and more than 60 projects
His role includes outreach, selection and currently in development.
support of clean energy projects while
simultaneously seeking out investors and Albert’s role includes connecting projects to
institutions to fund them. He provides coaches, providing guidance to the coaches,
strategic support in PFAN scale-up, market building relationships with resource partners
penetration and investor outreach activities. and growing the network in the region.

Nagaraja has been with PFAN since Albert has a background as a financial
2008 in various capacities as coach, analyst. He worked in asset management
Country Coordinator and as Asia Regional before moving into the clean energy arena,
Coordinator. He has coached projects in working as an investor and an advisor. He
many countries in the developing world. is a certified climate and renewable energy
Several of these have reached financial finance expert.
closure and many have won awards at
PFAN Investor Forums.

Nagaraja is a Chartered Accountant from

The Institute of Chartered Accountants
My main challenge was
of India. He has in-depth knowledge and that there are many project
decades of experience in finance and developers who want
commerce. He enjoys employing this
experience to bring together investors and assistance, and we were not
project developers. able to meet the need. As part
of the PFAN scale-up, we have
now launched an open-ended
Every deserving project call so that people can apply
developer should get a timely whenever they want, and we
opportunity in the markets to can give them the assistance
raise funds for their project. they need.
– Nagaraja Rao – Albert O. Boateng

25
PFAN: Progress Report 2019

Wilfred Mutua Mworia Thaven Naidoo

Regional Coordinator, Eastern Africa Regional coordinator, Southern Africa
Nairobi, Kenya Johannesburg, South Africa

Wilfred Mworia started his career in Thaven has experience ranging from
enterprise software and worked for several the mining industry to the media and
local and international software houses. technology sectors. He first became
With a keen interest in the transformative involved in PFAN through the development
potential of entrepreneurship, he ventured of the adaptation work stream, before
out into tech enterprise for a number of becoming regional coordinator. PFAN has
years before deciding he could have greater recently renewed its focus on adaptation,
impact by enabling other entrepreneurs a move he believes has been very positive.
to thrive. He has since worked in various
capacities providing business strategy and Passionate about innovation and with a
investment support deep understanding of the challenges
to entrepreneurs. facing entrepreneurs, Thaven enjoys seeing
projects grow from concept to financial
Today, Wilfred serves as PFAN Regional close. “We’ve seen world-class, large scale
Coordinator for Eastern Africa, where he projects find investment in Southern Africa,
works to grow investment in clean and in East Africa we’ve seen many smaller
energy ventures in a manner he describes innovative projects achieve finance.”
as “joyfully”. The market, he says, is full of good ideas
that become great projects thanks to the
“Awareness about climate change has guidance of PFAN’s coaches.
generally been on the rise,” he said.
While most people are still not very
knowledgeable about what climate change
means, he said, “the curiosity is definitely
there.” Investors are also curious, and there
I find it very fulfilling to see
is a growing movement in the investment people move forward, using
community, particularly international the skills and advice learnt
investors, towards “investing in a climate-
aligned manner.” Wilfred said this shift through PFAN.
provides great opportunities for both
– Thaven Naidoo
investors and entrepreneurs in the region.

I enjoy working with PFAN

because there’s a genuineness
about the organisation’s
mission. It’s evident the core
focus is assisting projects and
entrepreneurs.
– Wilfred Mutua Mworia

26
 Meet the Network

Rostyslav Maraikin Peter DuPont

Regional Coordinator, Eastern Europe Regional Coordinator, Asia
and Central Asia Bangkok, Thailand
Kiev, Ukraine The energy systems of the
Peter has more than 30 years’ experience in future will no longer be based
Rostyslav joined PFAN after more than the design, implementation, and evaluation
15 years working in the power sector. He of clean energy policy and plans, energy
on oil, gas, and coal, but on
coordinates operations in Eastern Europe and climate finance, and climate change renewable energy and storage.
and Central Asia – a relatively young market programmes in the U.S. and Asia. He has Investors who have a time
for PFAN and the development of clean worked in a variety of roles for non-profit
energy projects. and private consultancies and development frame of more than five or
agencies, with a focus on energy efficiency, 10 years are shifting their asset
“This region faces a number of challenges, renewable energy, finance and market
which highlights the need for PFAN.” The incentives, and climate change.
allocation to green, low-carbon
region lacks professional support for start- energy solutions.
ups and has a small private investor pool; Peter is based in Bangkok and is Managing
­– Peter DuPont
banks tend to be the major financiers of Partner of Asia Clean Energy Partners
renewable energy projects, and they focus Limited, an international consultancy
specifically on solar and wind projects. that initiates partnerships and initiatives
that accelerate the pace of clean energy
Rostyslav is tasked with growing the investment and deployment. Since 2007,
network through his team of coaches, he has been the Co-Chair of the Asia Clean
sourcing new projects, identifying new Energy Forum, a flagship clean energy
opportunities to support climate and clean event organised annually by the Asian
energy projects and connecting new Development Bank, the US Agency for
investors to innovative projects. International Development, and the Korea
Energy Agency.
An engineer by training, Rostyslav studied
at the Kriviy Rih Technical University. He As PFAN Regional Coordinator for Asia,
is a member of the Executive Board of the Peter is buoyed by the “huge and growing
Bioenergy Association of Ukraine. potential” for PFAN in Asia. “In the area of
climate and clean energy, Asia is ground
zero, since Asia’s economies are growing so
rapidly and account for the majority of global
GDP. Because of the high growth rates,
This region faces a number of there is the potential for Asian economies
challenges, which highlights to leapfrog and more quickly adopt
the need for PFAN. transformative low-carbon solutions.”

– Rostyslav Maraikin

27
PFAN: Progress Report 2019

9. Get Involved / Funding Partners

PFAN is always looking for new partners.
Please get in touch if you would like to:

Get help with Join our global network

your project of coaches
The experts in our network can offer you Become a part of our global community and
free, personalised one-on-one coaching we will offer you the chance to work with
and targeted introductions to investors, exciting, high-potential projects, reliable,
providing a fast-track to investment. If you timely payments and international visibility.
are developing a project and would like to Please contact us for more information.
work with us, please contact us or look at
www.pfan.net for information on eligibility
criteria and the application process.

Find projects for your Support PFAN’s work as a

investment portfolio donor or resource partner

We have a pipeline of investment-ready We magnify the impact of your funding

climate and clean energy projects, coached on the ground. We work to leverage
and carefully vetted by experts and selected investment which goes straight to climate
for economic viability, environmental resilience and clean energy projects
sustainability and social impact. Join a in developing countries. You can also
PFAN Investment Forum for a flavour of support us by hosting or co-organising
what our pipeline has to offer, or contact us Investment Forums, or working with us on
to receive information on projects specially targeted calls for proposals. Contact us for
selected to match your interests. more information.

28
 Get Involved / Leadership & Financial Information

Funding Partners
PFAN is generously funded by:

Department of Foreign Affairs and

Trade (DFAT), Australia

Federal Ministry for Digital and

Economic Affairs (BMDW), Austria

Ministry of Economy,
Trade and Industry (METI), Japan

Ministry of Foreign Affairs (MFA), Norway

Swedish International Development

Cooperation Agency (Sida), Sweden

United States Agency for International Development

(USAID), USA

Steering Committee

PFAN’s strategic direction is overseen by a Steering

Committee, composed of representatives of our Funding
Partners, plus UNIDO and REEEP.

29
PFAN: Progress Report 2019

The coaching has been very important, has

helped us structure our business plan, to
come and pitch in front of the investors, and
it’s allowed us to look further and be much
more ambitious for our project. Our coach was
absolutely fantastic.
– Nadège Payet-Tisset
Project Development Manager, E-Faitou

PFAN has a global outlook and opportunities,

and hence reduces the information asymmetries
of selecting opportunities globally. If I am a
global fund, it is very easy to attend a PFAN
forum and use that as a way to pivot my pipeline
development.
– Winnie Odhiambo
Associate Partner, I-DEV International

PFAN is a good partner because it has the

longest experience of working in this sector,
coaching and mentorship and also facilitating
deals, and it also has experience across
countries and regions. It brings this experience
to focus on a specific region, to provide good
advice on how these projects can be tailored
and made attractive to an international
investment environment.
– Monica Maduekwe
Resource Mobilization Specialist, ECREEE

I think it is important to fund PFAN because

we need to combine public money with more
private sector investment in renewable
energy, to combat climate change. The unique
advantage of working with PFAN is its global
reach: together we are able to reach many more
countries than Norway would be able to do on
its own.
– Kristin Thomassen Wæringsaasen
Senior Adviser, Norad

30
31
Progress Report 2019

Hosting arrangement
PFAN is hosted by the United Nations Industrial Development
Organization (UNIDO) in collaboration with the Renewable Energy www.pfan.net
and Energy Efficiency Partnership (REEEP). [email protected]