VIENNA, 26 November 2015 – A new public-private partnership network that aims to connect clean energy businesses and projects with private sector financing will be launched in Vienna next year.
The new Private Finance Advisory Network (PFAN) of the Climate Technology Initiative (CTI) will be co-hosted by the United Nations Development Organization (UNIDO) and the Renewable Energy and Energy Efficiency Partnership (REEEP), together with CTI.
PFAN is a multilateral public private partnership initiated by the CTI and the United Nations Framework Convention on Climate Change. The network aims to identify promising clean energy projects at an early stage and provide mentoring for the development of a business plan, investment pitch, and growth strategy.
Around 300 clean energy projects have been inducted into the project development pipeline. They focus on biogas, biomass, waste to energy, clean transport, wind, solar, small hydro and energy efficiency initiatives.
To-date, PFAN has successfully raised over USD 800 million of investment for around 70 projects in developing countries. Combined, these projects have the potential to mitigate over 2.5 million tons of CO2 per year and provide over 590 MW of clean energy generation capacity.
‘The CTI Executive Committee wanted to expand this important instrument,’ explains Michael Rantil, Senior Adviser at the Swedish Energy Agency, PFAN Manager and retiring Chair of the Executive Committee. ‘It has been a great success story, and we are now eager to see it grow and expand its impact worldwide.’
‘This undertaking will bring together three prominent players in the global sustainable development effort, leveraging each other’s strengths to promote investment in clean energy technologies and systems,’ said Pradeep Monga, Director of the Energy Branch at UNIDO.
UNIDO is the United Nations’ specialized agency for promoting inclusive and sustainable industrial development; REEEP is a leading agent for rapid, impact-oriented clean energy market action at small and medium-sized enterprise level.
‘Having worked closely with PFAN over the past few years, we expect to hit the ground running,’ said Martin Hiller, REEEP Director General, referring to the ‘Phased Financing’ project incubation program offered by the two organisations. ‘It is truly exhilarating to see this work institutionalised and with UNIDO significantly strengthened,’ he added.
‘We look forward to taking PFAN to the next level in 2016,’ said the Global Coordinator of PFAN, Peter Storey. ‘We see this partnership as having the potential to be really game-changing in how the private sector can contribute not only to climate change mitigation, but also poverty alleviation and sustainable development.’
Through the new partnership, PFAN will also diversify its services and broaden its implementation capacity, as well as attract new strategic partners and network members in developing countries to provide coaching services.
For more information, please contact:
UNIDO Industrial Development Officer