According to reports, South Asia Clean Energy Fund, floated by GEF in partnership with Yes Bank, has raised $2 million from Sarona Asset Management which targets financial returns in frontier markets with a mandate to support communities and environment.
South Asia Clean Energy Fund is targeting a total corpus of $300 million. It will primarily invest in Indian companies, but up to a quarter may be invested in Sri Lanka, Bangladesh and Nepal. The fund will make growth capital investments in companies which promote the use of efficient, reliable and cleaner forms of energy across three sectors – energy efficiency products and services, renewable energy generation and environmental products and services.
In November last year, the US Overseas Private Investment Corporation (OPIC) announced that it would provide $100 million in financing to the South Asia Clean Energy Fund.