News June 19, 2024

USAID and the Private Financing Advisory Network will provide support for climate and clean energy in the Caribbean

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For 5 years, the Private Financing Advisory Network Latin American and Caribbean (PFAN-LAC) has been helping entrepreneurs to mobilize investments in climate, clean energy, and adaptation projects and businesses. Now the network is entering a new phase. Recently, the U.S. Agency for International Development (USAID) Climate Finance for Development Accelerator launched a three-year-long project preparation facility under its Caribbean Climate Investment Program to create a pool of climate deals that are ripe for investment.  

USAID’s project preparation facility is now accepting applications from climate entrepreneurs in the Caribbean seeking support to reach investment-readiness. This facility is a joint effort of USAID’s Caribbean Climate Investment ProgramPFAN–LAC, the Renewable Energy and Energy Efficiency Partnership, and Innovación Social y Ambiental. 

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Tapping into the Private Financing Advisory Network’s robust local network of advisors, USAID’s Caribbean Climate Investment Program will provide business advisory, investment facilitation, and deal structuring services to a minimum of 40 entrepreneurs, assisting at least seven to secure formal negotiations towards financial closure. These services will be offered free of charge to selected entrepreneurs and applications can be submitted here. 

Support for entrepreneurs will come through a largely local network of 31 financially savvy climate and clean energy advisors, building on their experience in the region.

Over the past five years, the Private Financing Advisory Network has fine-tuned that experience to better reflect the realities of the Latin America and Caribbean markets, particularly in the context of countries’ efforts to promote an energy transition.   

Photo (above): EarthSpark’s minigrid in Tiburon, Haiti. Credit: EarthSpark

 

 

About USAID’s Caribbean Climate Investment Program 

USAID’s Caribbean Climate Investment Program is a four-year activity under the USAID Climate Finance for Development Accelerator that aims to unlock private sector investments in renewable energy and energy efficiency technologies, adaptation actions, and natural climate solutions across the Caribbean. The project preparation facility is one of three integrated mechanisms the program is deploying to build the capacity of climate finance seekers and facilitate matchmaking with climate finance providers. It complements a grant mechanism and an on-demand technical assistance mechanism, which together will support promising projects lacking the financial resources to complete project preparation through the pre-investment cycle. For more information on CCIP and its three mechanisms, please visit https://www.climatelinks.org/ccip. 

About the Private Financing Advisory Network  

The Private Financing Advisory Network was founded in 2006 under the Kyoto Protocol to bridge the gap between investors and entrepreneurs by providing private sector developers of promising, predominantly small and medium-sized renewable energy, energy efficiency, and climate adaptation projects with expert advice to create the set of documents – business plan, financial model, investor presentation, and teaser – required by private investors to assess the investability of their project. In 2015, the programme was brought to the United Nations Headquarters in Vienna, Austria, and jointly hosted by Renewable Energy and Energy Efficiency Partnership and the United Nations Industrial Development Organisation. Since then, PFAN’s worldwide operations have reached the milestone of $3 billion in investment attracted by 284 projects which now displace some 5 million tons of CO2e annually. For more information, you can visit: https://pfan.net. 

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