Total investment leveraged (USD millions)

302.5

Projects that reached financial closure

41

Clean energy capacity added (MW)

116

Projects provided PFAN support

216

New partnerships established

29

New PFAN Advisors added

47

PFAN Advisors around the world

182

CO2eq reduced per annum (tonnes)

129000

2021 was a year of significant milestones for PFAN: we celebrated the remarkable achievement of USD 2 billion leveraged by PFAN-supported climate projects and our 15th anniversary since our inception. We are proud of the PFAN global network and the climate entrepreneurs it has supported, and are thankful to our donors for making this successful journey possible.

 

Despite being another challenging year with ongoing uncertainties posed by the Covid-19 pandemic, 41 PFAN-supported projects reached financial closure and leveraged over USD 300 million. We are continuously working to improve our support for climate entrepreneurs, including looking at new ways of creating impact and introducing new service modules to get them better equipped to interact with investors. We also intensified our focus on gender, introducing and embedding a gender lens approach to our origination, evaluation, project development and investment facilitation activities. In 2021, we started capacitating PFAN Advisors to transform them into effective agents of gender-equitable change in their support to entrepreneurs.

Besides being our 15th anniversary, 2021 also marked PFAN’s 5th year of hosting by UNIDO and execution in partnership with REEEP. In these five years, we have broadly met our targets and delivered the scale-up strategy we embarked on in 2017, increasing PFAN’s capacity by circa 2.5 times and transforming our operating procedures and systems. In moving forward, we are working towards broadening the focus of PFAN to support projects with not only climate mitigation but also adaptation impact and setting ourselves new goals and different ways to measure our impact in new and even more challenging markets. There is still much work to be done.

Our work in the Pacific and in the SIDS (Small Island Development States in the Caribbean and Africa) bears this out, but we are now seeing traction in these challenging markets and are working on an innovative results-based financing vehicle for island electrification in Fiji together with the Fiji Rural Electrification Fund and using our team in Madagascar as a bridgehead into the African Indian Ocean SIDS.

In 2022, we look forward to continuing our support to impactful SMEs towards mobilizing private investment and building climate markets one business at a time and will continue contributing to the Paris Agreement and the Sustainable Development Goals.