On November 4, GREENMAP officially launched the International Guarantee Trust Fund for Renewable Energy (iTrust) at the Climate Action Solution Center (CASC), a prominent side event happening outside Glasgow and alongside UNFCCC 26th Conference of the Parties (COP26). CASC is co-sponsored by Liebreich Associates, National Grid, Octopus Energy and the Atlantic Council.
PRESS RELEASE | November 11, 2021
Sebastian Kind, GREENMAP’s CEO & Chairman, together with Ramiro Gómez Barinaga, GREENMAP’s Director of Finance Strategy Design and Fabricio Longhin, Partner and Head of the Latin America practice at Clifford Chance, presented the the iTrust and its main features and benefits to unlock renewable energy investment in the Global South.
The iTrust is an innovative financial solution especially designed to mitigate investment risks in developing countries. GREENMAP will implement the iTrust with the specific purpose of providing customized program-based guarantees that will be automatically granted to all renewable energy projects awarded in public tenders carried out by eligible developing countries. These guarantees will cover the most typical “offtaker liquidity” risk as well as certain country-level risks affecting project bankability and market attractiveness. To learn more, please visit our website and download more material.
“In the case of renewables, which is by definition a long term investment, we need to make them compete with traditional sources; (...) the only way to do that is by really understanding and mitigating the main risks associated with each economy…” said Sebastian Kind.
To scale renewable energy in the global south “we need to have a replicable, programmatic and locally sensitive instrument to provide host governments with the right balance of risk mitigation to unlock faster deployment of renewables at affordable prices.” said Ramiro G. Barinaga.
The iTrust is being designed by GREENMAP in collaboration with Clifford Chance as legal advisors. Engagement with key stakeholders and further design and proof-of-concept activities are planned to span up to mid 2022, when the first implementation case is expected to be launched.
We encourage government officials interested in getting support from GREENMAP and the iTrust, and developers, investors, philanthropies and civil society organisations interested in knowing more and collaborating with us, to contact our team via email at firstname.lastname@example.org.
GREENMAP stands for Global Renewable Energy Mass Adoption Program. We are an impact-driven and independent non-profit organization. Our aim and focus is to accelerate deployment of renewable generation in developing economies by directly supporting governments in the design and implementation of stable regulatory frameworks, competitive procurement processes and new financial and credit enhancement tools. We focus on implementation to facilitate bankability, foster competition, and boost the local and foreign investments needed to materialize project installations, local economic and social development and the reduction of GHG emissions.