Investment Will Provide Renewable Energy Finance Loans To Social
Businesses In The Developing World
NEW YORK–(BUSINESS WIRE)–#CPG—The
Church Pension Fund (CPF), a financial services
organization that serves the Episcopal Church, announced today that it
served as an anchor investor in the Developing World Markets’ $60.8
million Off-Grid, Renewable and Climate Action (ORCA) Impact Note. CPF
and Wespath Benefits and Investments, a general agency of The United
Methodist Church, invested $60 million ($30 million each).
The ORCA Impact Note will provide renewable energy finance loans to
social businesses in the developing world, and is composed of 11
underlying loans made to inclusive financial institutions and operating
companies. These organizations support renewable energy creation and
services in nine countries across three continents, including: Ecuador,
Guatemala, India, Kazakhstan, Kenya, Mongolia, Nicaragua, Rwanda, and
“The Church Pension Fund was pleased to serve as an anchor investor,
which helped bring other investors to the table to provide renewable
energy finance loans to social businesses in the developing world,” said Roger
Sayler, Managing Director and Chief Investment Officer of CPF. “This
investment will impact the lives of people on three different continents
and is reflective of our commitment to doing good while earning a
competitive rate of return. We look forward to building our relationship
with Developing World Markets as we continue to explore future socially
responsible investment opportunities.”
This transaction follows two previous socially responsible investments
with the Cheyne Social Property Impact Fund and the Avanath Affordable
Housing Fund from earlier in 2016. CPF currently has socially
responsible investments in 23 countries, bringing its current total
commitment to socially responsible investing (SRI) to nearly $1 billion.
With respect to SRI-related investments, CPF targets investments in
women- and minority-owned firms; economically targeted initiatives,
including urban redevelopment, affordable housing, sustainable
agriculture, and microfinance; and environmental-related programs that
invest in sustainable forestry, clean technology, and green buildings.
On an ongoing basis, CPF works with external investment managers to
identify and evaluate additional opportunities for SRI.
Individuals interested in learning more about CPF’s SRI efforts can
to view a series of Q&A-style videos featuring Alan Snoddy, Managing
Director of Investments at CPF, and the Rev. Canon Anne Mallonee, Chief
Ecclesiastical Officer at the Church Pension Group. The videos are
designed to highlight the role of SRI at CPF and how we have approached
this type of investing for more than 15 years.
About Developing World Markets
Developing World Markets (DWM) is an emerging and frontier markets
focused, impact investment firm. DWM seeks investments that provide
risk-appropriate returns and measurable social or environmental
benefits. Since its founding in 1994, DWM has structured and invested
over $1 billion into more than 170 companies across more than 50
developing countries. The firm is headquartered in Stamford, CT, USA.
For more information visit: www.dwmarkets.com.
About The Church Pension Fund
The Church Pension Fund is an independent financial services
organization that serves the Episcopal Church. With approximately $12
billion in assets, CPF and its affiliated companies, collectively the
Church Pension Group (CPG), provide retirement, health, and life
insurance benefits to clergy and lay employees of the Episcopal Church.
CPG also offers property and casualty insurance as well as book and
music publishing, including the official worship materials of the
Episcopal Church. Learn more at www.cpg.org.
The Church Pension Fund
C. Curtis Ritter, 212-592-1816
Head of Corporate Communications