Climate Fund Managers (CFM), the fund manager to Climate Investor One (CIO) is pleased to announce the signing of a Development and Cooperation Agreement (DCA) with French developers Compagnie Des Energies Nouvelles (CDEN). The DCA forms the basis of a partnership between CIO and CDEN for the development of a combined 15MW Solar PV and 2 MW Pumped Storage Hydro (PSH) facility in Rwanda.
The facility will be located in the Rwamagana district and construction will take place in two stages, with a Stage 2 expansion ramping the facility up to 45 MW PV & 6 MW PSH approximately 24 months after Stage 1.
About the signing, CEO Andrew Johnstone said, “this is a landmark occasion for CIO, demonstrating the attractiveness of CIO's unique funding model, being a full-lifecycle funding solution, combined with an innovative project architecture, delivering climate and development driven benefits to Rwanda.
The project is set to provide grid-connected electricity to approximately 950,000 Rwandans and abate global GHG emissions (CO2) by approximately 16,000 tonnes per annum.
Climate Fund Managers (CFM) is the fund manager of Climate Investor One. CFM is a joint venture between FMO and Phoenix InfraWorks, both experienced in infrastructure investing, asset and fund management. The CFM team will provide strategic, commercial, operational and financial expertise into investment activities aimed at delivering superior risk adjusted returns for investors and creating value for communities.
