PFAN launches its free service in Sri Lanka to help fund Clean Energy and Climate Change Projects
The Private Financing Advisory Network (PFAN) and their Country Coordinator for Sri Lanka and Maldives, Nelson Nagasinghe, launched their Roadshow to promote the launch of the Project Development and Financing Initiative for Climate & Clean Energy in Asia on 16th June 2017 at the Sri Lanka Foundation, Colombo-07 with the participation of a representative gathering. Eng. Parakrama Jayasinghe and Mr P. R. Wijewardena explained the role played by PFAN in the Project Development and Financing Initiative for Climate & Clean Energy, and the application process for project developers respectively.
What does PFAN do?
The PFAN (cti-pfan.net/about/) aims to try to overcome the main barrier of access to affordable capital to the developers of clean energy and climate change projects. This initiative, which is offered FREE OF CHARGE, is not limited to Private Sector. PFAN works closely with Industry Associations active in the RE sector to try and help with technical inputs and advice where necessary and support their members in accessing the facilities provided by the PFAN in addition to the role of mediator for fund raising.
PFAN screens business plans, selects the most economically viable and environmentally beneficial projects, and provides extensive coaching and guidance for development of a business plan, investment pitch, and growth strategy, before projects are presented to investors at Clean Energy Financing Forums hosted across Asia, Latin America and Africa, significantly enhancing the possibility of financial closure.
Over 296 clean energy projects have been inducted into the PFAN Project Development Pipeline. These projects include biogas, biomass, waste to energy, clean transport, wind, solar, small hydro and energy efficiency initiatives. Successfully 87 projects have achieved financial closure with over US$ 1.2 billion of investment raised. Combined, these projects have the potential to mitigate over 2.6 million tons of CO2e per year and provide over 701 MW of Clean Generation Capacity.
Who is involved in PFAN?
PFAN is a multilateral, public-private partnership initiated by Climate Technology Initiative (CTI) in cooperation with the UN Framework Convention on Climate Change’s Expert Group on Technology Transfer. PFAN develops partnerships in each new country in order to build and expand a local in-country presence for PFAN and the services it offers.
The PFAN Climate and Clean Energy Project Development & Financing Initiative and AFCCEF8 are funded by PFAN’s funding partners including Australia’s Department of Foreign Affairs and Trade, the Ministry of Economy, Trade and Industry of Japan, the Norwegian Ministry of Foreign Affairs and the United States Agency for the International Development (USAID.
8th Asia Forum for Climate and Clean Energy Financing (AFCCEF-8)Business Plan Competition
PFAN is now accepting proposals from Asian Region for participating in the 8th Asia Forum for Climate and Clean Energy Financing (AFCCEF-8) Business Plan Competition which is PFAN’s flagship investment forum event in the Asian Region and which forms a central pillar of PFAN’s new Project Development & Financing Initiative in the Asian Region. AFCCEF-8 seeks to nurture entrepreneurs, start-up and existing companies, project teams and consortia with environmentally beneficial business proposals with the aim of linking them with investment and finance and seeing them through to implementation. For more details, please refer to the following link: http://cti-pfan.net/event/call-for-proposal-pdfi-asia-8/
What is the objective of holding this Roadshow?
The development of Renewable Energy Sector in Sri Lanka has been quite slow considering the country’s potential. One of the major barriers among others is the lack of access to capital, both equity as well as debt funding.
PFAN is an organization which aims to fill this gap as all clean energy projects are conducive towards the realization of the goals of managing Climate Change and attaining the Sustainable Development Goals. Both these are objectives of the UN and therefore several organizations have come together to support this initiative of the PFAN to help the renewable energy developers. The aim is to bring together the developers and the potential investors.
Sri Lanka has so far not been able to get any benefits from this initiative even though there had been a few applications made before. PFAN is keen to rekindle this interest, and for this purpose they have appointed a new Country Coordinator , Mr Nelson Nagasinghe.
The aim of this Roadshow, which was targeted primarily at project developers of low carbon clean energy and climate change projects, was to introduce PFAN and the Project Development & Financing Initiative and to create awareness among the participants of the benefits of participating in Asia Forum for Climate & Clean Energy Financing(AFCCEF8), and hopefully ensure that there are some applications submitted in response to the current round of Request for Proposals closing on the 19th July 2017.
However, the way is also open for applications to be submitted throughout the year as they are made ready by the developers.
How does PFAN help develop Renewable Energy projects in Sri Lanka?
There are many developers who have been trying to initiate RE projects in Sri Lanka in the teeth of many difficulties, created both willfully and by the inefficiencies and lethargy of the state mechanisms. However, one great barrier faced by, access to affordable capital –equity and debt, can be overcome by the PFAN program which aims to fill this gap by bringing together such developers and the many international investors who are keen on engaging in this economic activity. Renewable Energy Projects is well within the focus of PFAN objectives as they lead to mitigation of climate change in is also direct contributor towards achieving the Sustainable Development Goals.
While many other project themes are eligible under the PFAN scheme, they have recognized RE projects as a most viable and fast track means towards this.
What are the eligible project types?
The project must promote or use clean energy and climate technologies, products or services, including, but not limited to:
Biomass, Biogas, Bio-fuels, Solar, Wind, Hydro power, tidal/Ocean, Energy Products from Forestry, Rural Electrification & Energy Access, Distributed & Off-grid Generation, Energy Storage & Conservation, Energy Efficiency and Demand Reduction, Waste to Energy, Emissions Reduction and Clean Transport.
Investment amount is US Dollar 01 million to 50 million per project.
Future Workshops:
A workshop will be conducted soon on the preparation of project proposals where guidance and caoching would be provided on development of a proper business plan, investment pitch, and growth strategy, before projects are finally presented.
Please contact Mr Nelson Nagasinghe, the Country Coordinator, by email for further information.
Mr Nelson Nagasinghe, PFAN Country Coordinator for Sri Lanka & Maldives, can be contacted by,
Email: nelson.nagasinghe@gmail.com
Mobile: 071 494 7207
Registration & Application:
https://climate-invest.fluxx.io/apply/pfan_registration
PFAN launches its free service in Sri Lanka to help fund Clean Energy and Climate Change Projects