The Caribbean Climate Investment Program provides a USD$600K grant to the newly launched Caribbean Inclusive Climate Finance Initiative to fund a comprehensive, one-stop solution to incubate, develop and finance small and medium-sized sustainable energy and clean tech projects in eligible countries.
FOR IMMEDIATE RELEASE
VANCOUVER, BC, January 10, 2024 —Seasoned impact asset manager Deetken Impact announces a new partnership with the United States Agency for International Development (USAID) through the Climate Finance for Development Accelerator’s (CFDA) Caribbean Climate Investment Program (CCIP) to support the development, use, and commercialization of renewable energy, energy efficiency, and clean tech projects. With the creation of the Caribbean Inclusive Climate Finance Initiative, Deetken Impact will integrate deep expertise in gender lens investment and engagement, with an extensive local network and 27 years of sustainable energy investing in the region.
The Caribbean Inclusive Climate Finance Initiative (CICFI)
CICFI will identify a robust pipeline of companies and projects that support the green energy transition, prioritize gender equality and social inclusion, and seek to raise capital to support growth. Following a Request for Proposals (RFP), 15 projects will be selected to receive tailored acceleration services to strengthen key areas of project development, performance, and impact. Additionally, five high-impact projects will receive in-depth advisory to mobilize capital, including advisory for investment transactions and support for studies, permitting, and Environmental and Social Management (ESMS) systems.
“This support from USAID’s CCIP allows us to continue actively working on the sustainable energy transition that is vital for Caribbean economies. To accelerate several renewable energy, energy efficiency and clean tech projects and companies, we will incorporate our gender-inclusive impact investing philosophy, resulting in more sustainable enterprises and attractive investment opportunities. Additionally, we will focus on capital mobilization to address the prevailing gender equity gap that hinders business in the Caribbean.”
Gender smart at every step
Building on Deetken Impact’s reputation as a pioneering gender lens investor in Latin America & the Caribbean, each of CICFI’s three main components – pipeline development, gender-smart acceleration, and investment readiness – will integrate established gender criteria to improve gender-smart business practices across five lenses: Women in Leadership & Governance, Women Served, Workplace Equity, Value Chain Equity and Advocacy, and Community Engagement.
“Equity is – and must – be at the center of this program. We will identify and accelerate projects and companies that are led by and/or benefitting women and other diverse groups while supporting all participating companies to integrate an equity lens in project design and development.”
Trusted Partnership with USAID
Deetken Impact is pleased to have the opportunity to continue this important partnership with USAID, having previously collaborated on the Investment, Enterprise and Sustainability in El Salvador (INES) program, and on the USAID Gender Equality and Women’s Empowerment Hub program with the Ilu Women’s Empowerment Program – alongside Pro Mujer, with groundbreaking results. We appreciate the CFDA’s critical role in facilitating partnerships and investments that have a direct and verifiable impact on climate mitigation and adaptation. Their stated aims of mobilizing climate finance and facilitating private sector capital to invest in climate adaptation, mitigation, and resilience projects and companies is in complete alignment with Deetken Impact’s investment thesis of addressing the escalating climate crisis through a gender inclusive investment strategy. This helps build resilient renewable energy generation infrastructure in a region that is highly vulnerable to extreme climatic events.
How to get involved
Our Request for Proposals (RFP) is open, and project sponsors interested in receiving acceleration and capital mobilization support can review our program brief, and apply by providing basic information on this digital form prior to the March 31st, 2024 deadline. To participate, projects must be located in the following eligible countries: Antigua, The Bahamas, The Dominican Republic, Haiti, Jamaica, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Barbados, Trinidad and Tobago, Guyana, and Suriname.
About Deetken Impact
Deetken Impact is a Canadian registered impact asset manager focused on delivering strong, stable returns to investors by supporting businesses that make a meaningful contribution to the Sustainable Development Goals in Latin America and the Caribbean. Together with its joint venture partners, Deetken Impact Sustainable Energy and Deetken Impact Alternative Finance, Deetken Impact manages US$145 million in assets across five funds with a diverse team of seasoned investment professionals based in Canada, Mexico and Central America. Together they have been an Impact Assets 50 Manager since 2020.
The United States Agency for International Development (USAID) is the world’s premier international development agency and a catalytic actor driving development results. USAID’s work advances U.S. national security and economic prosperity, demonstrates American generosity, and promotes a path to recipient self-reliance and resilience.