Camana Bay, Cayman Islands, February 26, 2025. Infinitum Energy (“Infinitum“, “iEg“, or the “Company“), a leading climate infrastructure clean energy development company, is pleased to announce the closing of a Development Funding Agreement with Climate Fund Managers (“CFM”) effective December 20, 2024.
CFM is a climate-focused blended finance investment manager operating across Africa, Asia and Latin America. The agreement, by CFM’s Climate Investor Two (CI2) fund, a USD 1bn EU-supported facility focused on water, waste and oceans infrastructure in emerging markets, provides Infinitum with up to $3.1m in additional development capital for the project, to be drawn down through to final equity close, at which point CFM shall have the right to 75% of the total construction equity investment. CFM also retains the rights to additional funding opportunities within the project and future Infinitum projects on a best offer basis.
CFM currently has a portfolio of projects in various stages of development throughout Africa and emerging Asia, aligning with Infinitum’s development strategy. The CFM team’s broad expertise in project development, financing and construction prioritizes measurable environmental and social impact, aiming to support emerging markets mitigate and adapt to climate change, providing alignment in investment goals.
The Freetown Waste to Energy project will have the ability to process approximately 365,000 tonnes of municipal solid waste annually, producing 30MW of baseload renewable electricity. The power will be sold to Sierra Leone’s Electricity Distribution and Supply Authority (“EDSA”) under a 25-year Power Purchase Agreement, which is currently being finalized. Infinitum’s unique strategy integrating waste management with energy generation, addresses both the need for baseload power and the country’s growing waste crisis.
Lindsay Nagle, Infinitum’s CEO, commented: “We are thrilled to be partnering with CFM on this landmark Project. Their investment allows us to accelerate the advancement of this tremendously impactful project, allowing us to address both the dire power situation and change the relationship the community has with waste in Sierra Leone.”
About CFM:
Climate Fund Managers (CFM) is a climate-focused blended finance investment manager operating across Africa, Asia, and Latin America. CFM raises and deploys blended climate finance funds, working in partnership to deliver climate-resilient solutions at scale and pace. With over USD 2 billion in assets under management and targeting an additional USD 6 billion, CFM’s private equity and private credit facilities address key areas of climate change mitigation and adaptation, including renewable energy, green hydrogen, energy transmission, water and sanitation, and biodiversity and oceans infrastructure. CFM’s funds are supported by public and private sector organisations, with public capital deployed strategically to balance risk and mobilise private sector capital, enabling investment across the project lifecycle – from development to construction and operation. Established in 2015, CFM is a joint venture between Dutch development bank FMO and Sanlam InfraWorks of the Sanlam Group of South Africa, with offices in The Hague, Cape Town, Singapore, and Bogota. Find out more at www.climatefundmanagers.com
About Climate Investor Two:
CFM’s Climate Investor Two Fund was formed in partnership with Dutch Fund for Climate and Development (DFCD) and the European Commission to mobilise private sector investment at scale in water, waste and oceans infrastructure in Latin America, Africa and Asia. Established in 2019, it is supported by multiple public and private sector organisations, including development finance institutions, multilateral finance institutions, public sector banks and institutional investors (including asset managers, pension funds and insurance companies) from across the globe. CI2’s blended finance structure includes a concessional capital Development Fund to absorb project risk and provide early-stage project development services and a tranched Construction Equity Fund to mobilise private investment into asset construction. It offers an innovative “whole-of-life” funding solution, providing a single financing source for the development, construction and operational phases of a project’s lifecycle.
About Infinitum Energy
Infinitum is a climate infrastructure company specializing in the development of clean energy projects within emerging markets. The Company’s core focuses are high-impact solar, wind, and innovative waste-to-energy projects. Through strategic partnerships with leading financial institutions, the team has executed on 42 clean energy projects spanning 13 countries to date, with investments amounting to over $12 billion. Infinitum’s current development stage projects are located in Sierra Leone and Sri Lanka; with teams actively developing additional projects in Mongolia, Uganda, and Turkey; totalling more than $2.5 billion of expected capital expenditures.
For further information on the Company, please visit https://www.infinitumenergygroup.com
ON BEHALF OF THE BOARD
“Lindsay Nagle”
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
[email protected]
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