VANCOUVER, 27 May 2019 – With the support of the United Nations Industrial Development Organization (UNIDO), six clean energy entrepreneurs were able to pitch their projects at the Private Financing Advisory Network’s (PFAN) and Mission Innovation’s (MI) Clean Energy Investment Forum, which was held in conjunction with the Tenth Clean Energy Ministerial (CEM10) and the Fourth Mission Innovation Ministerial (MI-4). Selected from PFAN’s pipeline because of their commercial viability, innovation and potential for impact, the projects represent a variety of clean energy technologies with a total investment ask of over US$107 million.
Cambodia’s Okra Solar presented a unique IoT device that enables houses to be connected together into a fully modular DC solar micro-grid, while the Ivory Coast’s Lifi-LED pitched a wireless networking solution that generates renewable energy and provides connectivity. Belize’s GSR then presented the world’s first gender equal bio-refinery that would lead to an annual greenhouse gas reduction of 290,000 tons. India’s Swajal subsequently presented it smart IoT-driven water purification solution powered by solar photovoltaics for clean water in areas with no or unreliable grid access. Nigeria’s GVE showed its solar mini-grid project, which could reach up to 1.5 million people. Finally, India’s Agnisumukhpresented its ground-breaking multi-fuel gas stove for restaurants.
Ultimately, Okra Solar and Swajal were declared the winners of the Business Plan Competition by the jury, which was made up of high-level investors and climate financing experts. “The PFAN Award Ceremony is key to bridge the gap between project developers, innovators and investments”, said Vice-Chair of the Mission Innovation Steering Committee and Head of the Swedish Delegation Robert Andrén. “Sweden looks to PFAN in achieving our development cooperation goals within climate change, gender equality and increased investments in renewable energy and energy efficiency”. Frank Des Rosiers, Mission Innovation Steering Committee Chair, noted the importance of the Forum, saying: “Financing is a critical piece of the puzzle when bringing innovative ideas to life; the important work done by PFAN provides the bridge between a great idea and the implementation of innovative clean energy solutions - directly impacting developing economies. As host, Canada was committed to ensuring diverse voices were brought to the table and this event allowed us to include entrepreneurs and investors from around the world in an important dialogue”.
PFAN is a multilateral public-private partnership hosted by the United Nations Industrial Development Organization (UNIDO) in cooperation with the Renewable Energy and Energy Efficiency Partnership (REEEP). PFAN bridges the gap between project developers and investors by capacitating entrepreneurs and businesses to develop bankable projects; mitigating investor risk; and facilitating project funding to increase and mainstream investments. As a host of PFAN, UNIDO is one of few actors in the climate finance field addressing the barriers for small and medium enterprises (SMEs) in developing countries and emerging economies, by leveraging private sector investment with a small amount of public funds.
For more information, please contact:
UNIDO ClimateTechnology & Innovations Division