Investing for a net-zero world is a key pillar of our climate strategy and central to our commitment to play our part in limiting global temperature rises to 1.5°C.
Investing for a net-zero world is a key pillar of our climate strategy and central to our commitment to play our part in limiting global temperature rises to 1.5°C.
Investment in renewable energy is a key part of this commitment. We continue to back firms that are supporting a transition to clean, green and affordable energy. We are committed to backing solar, wind, geothermal and hydro power, and battery storage. We also back grid infrastructure to ensure that green, reliable power reaches communities and businesses.
Our renewable investments already form a sizeable portion of the total power generated and distributed by our portfolio. In 2024, 56 per cent of power generated by our investees was from renewable sources, such as solar, wind and hydro. This was driven by a growing renewable asset base in our portfolio and increases in the amount of renewable power produced.
Based on all direct renewable energy investments in our portfolio, in 2023 (latest available data) we avoided 1.5 million tonnes of carbon dioxide equivalent emissions (on an attributed basis). This was a 54 per cent increase compared with 2022.
This includes energy generated by the Kenhardt Solar Project in South Africa, which is one of the world’s largest hybrid solar and battery storage facilities (see case study). We helped finance the project’s construction in 2023. The plant is now fully operational, delivering 540 megawatts of power and 1.1 gigawatt hours of battery storage capacity.
In 2024, we made new clean energy investments in South-East Asia to support the region’s green energy transition away from fossil fuels. This included a new platform we launched with partners, Dutch DFI FMO and fund manager SUSI, to accelerate the energy transition. Sustainable Asia Renewable Assets aims to build 500MW of greenfield renewable energy projects. We also invested in Xurya, a pioneering renewables platform in Indonesia, to support the country’s just energy transition. The company is enabling commercial and industrial customers to decarbonise by displacing consumption of on-grid electricity from largely fossil fuel thermal generation sources.
In Africa, we agreed a partnership with GuarantCo to provide guarantee finance to Etana Energy, a South African energy trading company (see case study). The facility will help add around 500MW of competitively priced renewable energy to South Africa’s grid over the next few years. We also partnered with renewable energy platform Rift Valley Energy to support it in providing power to 170,000 people per year and connecting 4,000 businesses and households in rural Tanzania to the grid for the first time (see case study). Our investments also include those in the distributed energy sector, such as Arnergy Solar Limited, a Nigerian company delivering solar solutions to homes and businesses (see case study).
Caption – Our investment in BasiGo is helping Kenya and Rwanda switch to electric buses, cutting carbon emissions.
While the energy sector has an important role to play in reducing carbon emissions, achieving net zero by 2050 needs businesses across all sectors to adopt green solutions that both fulfil their business needs and contribute to a sustainable future.
One area where we’re focusing our efforts is e-mobility. In India, we made several investments across the EV sector in 2024. India urgently needs more EVs to decarbonise its transport sector in line with the Paris Agreement goals and combat severe air pollution, but there are challenges in making this happen. Our investments will help the whole industry to develop and back pioneering companies that contribute to India’s energy transition and decarbonisation journey.
One example is the new financing we’ve provided to Loadshare, a last-mile logistics provider in India, to expand its EV offer (see case study). We’re supporting e-mobility in Africa too, with our investment in BasiGo, which is helping Kenya and Rwanda switch to electric buses, cutting carbon emissions and making city travel safer (see case study).
Achieving net zero by 2025 needs businesses across all sectors to adopt green solutions that both fulfil their business needs and contribute to a sustainable future.”
Our innovative funding approach is supporting independent sustainable energy trading while giving South Africa more reliable electricity.
clean energy will be added to South Africa’s grid
Investment name: Etana Energy
Location: South Africa
Investment type: Catalyst Portfolio
Our investment is expanding Tanzania’s renewable energy supply – connecting thousands of homes and businesses to the grid for the first time.
renewable energy will be added to the national grid in Tanzania
Investment name: Rift Valley Energy
Location: Tanzania
Investment type: Growth Portfolio
Our investment is reducing Nigeria’s reliance on diesel for electricity, by expanding access to solar energy for SMEs and households.
tonnes of CO₂ emissions saved by 2029
Investment name: Arnergy
Location: Nigeria
Investment type: Catalyst Portfolio
With our support, Loadshare is reshaping India’s logistics sector, by cutting emissions and creating green jobs.
tonnes of CO₂-equivalent emissions will be saved by Loadshare’s electric vehicle fleet every year
Investment name: Loadshare
Location: India
Investment type: Kinetic Portfolio
Our investment in BasiGo is helping Kenya and Rwanda switch to electric buses, cutting carbon emissions and making city travel safer.
tonnes of CO₂ emissions saved by BasiGo’s e-bus fleet
Investment name: BasiGo
Location: Kenya and Rwanda
Investment type: Kinetic Portfolio
By backing one of the world’s largest solar-battery projects we’re helping to bring reliable power to South Africa, and empowering women along the way.
clean energy powering South Africa’s communities
Investment name: Kenhardt Solar Project
Location: South Africa
Investment type: Growth Portfolio
We are committed to backing solar, wind, geothermal and hydro power, and battery storage. We also back grid infrastructure to ensure that green, reliable power reaches communities and businesses.”