G ego y, Neil F.; C a io o, Ne ea; Ge zel, Bianca; Fides Ol a, Lau a
Resea ch Repo
DFI sponso ship o new pla o ms and en u es: Why and
how? Syn hesis epo
ODI Repo
P o ided in Coope a ion wi h:
ODI Global, London
Sugges ed Ci a ion: G ego y, Neil F.; C a io o, Ne ea; Ge zel, Bianca; Fides Ol a, Lau a (2025) :
DFI sponso ship o new pla o ms and en u es: Why and how? Syn hesis epo , ODI Repo , ODI
Global, London,
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SYNTHESIS REPORT
DFI sponso ship o
new pla o ms and
en u es: why and
how?
Neil G ego y, Ne ea C a io o, Bianca Ge zel and Lau a
Fides Ol a
Ma ch 2025
Key messages
• De elopmen inance ins i u ions (DFIs) ace a challenge in
achie ing hei mission: impo an and unme de elopmen needs
hey canno add ess adequa ely by in es ing in exis ing i ms.
Some DFIs – including B i ish In e na ional In es men (BII) and
No und – ha e esponded o his challenge by se ing up new
en u es hemsel es.
• Based on case s udies o 12 en u es c ea ed o acqui ed by BII
and/o No und, his epo se s ou he a ionale o and p ac ical
implica ions o DFI sponso ship o new en u es, and d aws
lessons o o he DFIs and hei sha eholde s wishing o ollow his
app oach.
• These en u es ha e big ambi ions o gene a e c i ical in es men s
in po s, powe , heal hca e, o es y, ag icul u e and o he c i ical
sec o s in some o he mos challenging low- and middle-income
coun ies, while pionee ing new app oaches o in es ing in hese
sec o s.
• DFIs can mul iply hei po en ial impac by se ing up pla o m
en u es, whose pu pose is o c ea e mo e in es ible oppo uni ies.
They can mul iply hei inancing impac by mobilising p i a e co-
ODI Repo
2
in es men s in hese en u es. These pla o ms can also gene a e
co-in es men oppo uni ies o o he DFIs a sub-p ojec le el.
• A ange o op ions o s uc u ing DFI-sponso ed en u es ha e
p o en i o pu pose. To sponso new en u es, DFIs need he
capaci y and au ho i y o in es equi y and o ake con ol posi ions.
This is a limi a ion o many DFIs.
• Sponso ing new en u es is a hea y li o DFIs, in e ms o
ope a ional and inancial capaci y, and s a and managemen ime.
As he owne s o DFIs, go e nmen s play a key ole in se ing hei
s a egy and s uc u e, which de e mine he ex en o which DFIs
can sponso new en u es.
• The e a e ea ly indica o s ha he en u es s udied a e on ack o
achie e hei in ended objec i es. The en u es ha e mobilised $3
billion in p i a e co-in es men s ei he in he en u e o in p ojec s
de eloped by he en u e.
• The abili y o sponso new en u es expands DFIs’ po en ial o
achie e impac . I enables hem o pionee new ma ke s and
inance ac i i ies ha would be impossible unde he adi ional
demand-led model. These new en u es can also be a ehicle o
scaling up p i a e capi al mobilisa ion. The pionee ing en u es
sponso ed by BII and No und o e lessons o o he DFIs and hei
sha eholde s wishing o do mo e o p omo e p i a e in es men in
places whe e in es men oppo uni ies a e cu en ly lacking.
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pa ne s .
This wo k is licensed unde CC BY-NC-ND 4.0.
How o ci e: G ego y. N, C a io o, N., Ge zel, B., Fides Ol a, L. (2025)
DFI sponso ship o new pla o ms and en u es: why and how? ODI
Repo . London: ODI (www.odi.o g/publica ions/d i-sponso ship-o -
new-pla o ms-and- en u es-why-and-how/)
ODI Repo
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Acknowledgemen s
The esea ch has bene i ed om he ac i e coope a ion o he s a o
BII and No und. We a e g a e ul o Paddy Ca e (BII), S e en Ay es
(BII) and Signe Kolbye So ensen (No und) o coo dina ing he
sha ing o ma e ials, a anging in e iews and e iewing he case
s udies. The s udy also ecei ed guidance and commen s om a
Sounding Boa d, which, in addi ion o Paddy Ca e and Signe Kolbye
So ensen, included So en And eassen (IFU), Saman ha A idge (ODI
Global), Ma ko Be gland (Finn und), F ede ique Dahan (ODI Global),
Guido an Heug en (FMO) Da id Kuijpe (EDFI), Hans Pe e Lankes
(ODI Global) and F ede ic Lucene (EBRD). We hank hem o hei
con ibu ions. We hank F ede ique Dahan o o e all supe ision and
Ben Campbell and Roo G i i hs o he edi ing and p oduc ion o his
epo . All e o s and omissions a e solely he au ho s’ esponsibili y.
Abou he au ho s
Neil G ego y is a Senio Resea ch Associa e a ODI Global. He
eaches a Johns Hopkins School o Ad anced In e na ional S udies
and ad ises de elopmen inance ins i u ions and impac in es ing
i ms. He has p e iously held a a ie y o senio esea ch, s a egy and
ope a ional oles a he In e na ional Finance Co po a ion and he
Wo ld Bank. He holds Mas e s’ deg ees in Economics om Camb idge
and Ox o d Uni e si ies and an MBA om Geo ge own Uni e si y.
Ne ea C a io o is a Senio Policy Analys a ODI Eu ope. Building on
ODI Global and Eu ope’s wo k and analysis, she de elops impac ul
wo k o in o m Eu opean ex e nal policies, no ably in he ield o
de elopmen coope a ion and inance. P io o wo king wi h ODI
Eu ope, Ne ea has almos 20 yea s o expe ience wo king on policy
and ad ocacy wo k on sus ainable de elopmen policies and
de elopmen inance wi h ci il socie y o ganisa ions, he
ade unions and eminis o ganisa ions. Ne ea holds a mas e ’s
deg ee in de elopmen policies om Deus o Uni e si y and a deg ee
in Sociology om he Au onomous Uni e si y o Ba celona.
Bianca Ge zel is a Senio Resea ch O ice in he De elopmen and
Public Finance P og amme a ODI Global. He esea ch and ad iso y
wo k ocuses on how mul ila e al de elopmen banks and
de elopmen inance ins i u ions a e adap ing o an e e -changing
wo ld economy. He wo k analyses how p i a e in es men s can be
de- isked and mobilised o suppo he 2030 Agenda, and how e o ms
o he in e na ional inancial a chi ec u e can unlock mo e esou ces
o oday's global challenges.
Lau a Fides Ol a is a p o essional in in e na ional de elopmen and
ex e nal a ai s. In addi ion o he wo k a ODI Global, she has se ed
as a P og amme Coo dina o and UN Liaison Consul an a he
UNESCO I aq O ice. She has also wo ked on EU Enla gemen and
ODI Repo
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Neighbou hood Policy, as well as a ious in e na ional de elopmen
p og ammes a he Eu opean Commission and he Uni ed S a es
Ins i u e o Peace. Lau a holds a Mas e ’s deg ee in In e na ional
Rela ions and Economics om he Johns Hopkins Uni e si y School
o Ad anced In e na ional S udies. Du ing he unde g adua e s udies,
she specialized in Asian p i a e sec o de elopmen .
ODI Repo
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Ac onyms
AFIP A ican Fo es y Impac Pla o m
AgDe Co Ag icul u al De elopmen Company Limi ed
AKFED Aga Khan Fund o Economic De elopmen
APP A ica Powe Pla o m
AWID A ica Wa e In as uc u e De elopmen
BII B i ish In e na ional In es men
CEO chie execu i e o ice
CHAI Clin on Heal h Access Ini ia i e
CIO Clima e In es o One
DFI de elopmen inance ins i u ion
DP Wo ld Dubai Po s Wo ld
DRC Democ a ic Republic o Congo
EBRD Eu opean Bank o Recons uc ion and De elopmen
EDFI Associa ion o Eu opean De elopmen Finance
Ins i u ions
ESG en i onmen al, social and go e nance
EU Eu opean Union
FMV ai ma ke alue
FMO Du ch En ep eneu ial De elopmen Bank
GGEF Global G een Economic Founda ion
GIP G ow h In es men Pa ne s
GP gene al pa ne
HNW high ne wo h in es o
HR human esou ces
IFC In e na ional Financial Co po a ion
IFU Danish In es men Fund o De eloping Coun ies
IndiG id India G id T us
InVi In as uc u e In es men T us
IPO ini ial public o e ing
IT in o ma ion echnology
JV join en u e
LLC limi ed liabili y company
LLP limi ed liabili y pa ne ship
LP limi ed pa ne
MDB mul ila e al de elopmen bank
MSMEs mic o, small and medium en e p ises
NIIF Na ional In es men and In as uc u e Fund
No ad No wegian Agency o De elopmen Coope a ion
SEC Secu i ies and Exchange Commission
SMEs small and medium en e p ises
SPV special pu pose ehicle
T&D ansmission and dis ibu ion
TCX The Cu ency Exchange Fund
UJV uninco po a ed join en u e
UK Uni ed Kingdom
VC en u e capi al
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WASH wa e , sani a ion and hygiene
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Con en s
1 In oduc ion ..................................................................................... 9
1.1 De ini ions and scope .................................................................... 10
1.2 Me hodology and s uc u e o he pape ........................................ 12
2 Ra ionale o DFI sponso ship o new en u es ............................. 15
2.1 DFI s a egies and en u e sponso ship ........................................ 15
2.2 P i a e capi al mobilisa ion ............................................................ 19
3 Key achie emen s by DFI-sponso ed en u es .............................. 22
4 Implica ions o DFIs ...................................................................... 25
4.1 Long ime ho izon and isk ole ance ............................................. 25
4.2 S a skills and incen i es............................................................... 26
4.3 Ope a ional suppo ....................................................................... 27
4.4 Accoun ing implica ions o con ol .................................................. 29
5 Design o DFI-sponso ed en u es ................................................ 31
5.1 Co po a e s uc u es ...................................................................... 31
5.2 Capi al con ibu ions ...................................................................... 37
5.3 Asse acquisi ion and e enue gene a ion ..................................... 39
5.4 Fu u e g ow h and exi s ................................................................. 39
5.5 Managemen eam selec ion and compensa ion ............................ 41
6 Key lessons ................................................................................... 44
6.1 Lessons o go e nmen s .............................................................. 44
6.2 Lessons o DFIs ........................................................................... 45
7 Concluding ema ks ....................................................................... 47
Re e ences ............................................................................................... 49
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2 Ra ionale o DFI
sponso ship o new
en u es
2.1 DFI s a egies and en u e sponso ship
DFIs pu sue hei de elopmen objec i es mainly h ough a
combina ion o :
1. di ec ly inancing he g ow h and expansion o exis ing
medium/la ge o mal i ms
2. indi ec ly inancing he g ow h o mic o, small and medium
en e p ises (MSMEs) and en u es h ough inancial in e media ies
(including banks, in es men unds, non-bank inancial ins i u ions)
3. inancing p i a e in as uc u e on a p ojec inance basis (i.e. one
in as uc u e asse a a ime)
Some imes, his is wi h a gene al in en o suppo economic g ow h
and job c ea ion; some imes, i is a ge ed a speci ic de elopmen
challenges.
1
These app oaches ely on he a ailabili y o in es ible i ms, inancial
in e media ies and in as uc u e p ojec s ha a e seeking o aise
capi al. In many low- and middle-income coun ies, his cons ains DFI
ope a ions, pa icula ly hei abili y o in es and mobilise p i a e
capi al in high-p io i y sec o s and coun ies.
The e a e ela i ely ewe la ge i ms in low- and middle-income
coun ies han he e a e in high-income economies. This gap – he
‘missing op’ – is especially p onounced in sec o s equi ing high
deg ees o specialisa ion and economies o scale (Ciani e al., 2020).
I is a e o small o e en medium-sized i ms in hese economies o
g ow in o la ge en e p ises, gi en challenges in ob aining aw
ma e ials, di icul ies complying wi h egula ions, co up ion and weak
connec ions o in e na ional ma ke s (F eund and Pie ola, 2020). Fi ms
also ind i ha de o access g ow h capi al o become la ge (ibid.).
Banks in hese coun ies o en ha e limi ed capaci y o p o ide long-
e m g ow h capi al owing o egula o y cons ain s, colla e al
equi emen s and high in e es a es (Key on, 2007). Addi ionally,
p i a e equi y ma ke s a e unde de eloped, and managing inancial
isk is challenging (Sinha e al., 2010). As a esul , mos la ge i ms in
1
Such as adding alue o ag icul u al o o es commodi ies by in es ing in ag ip ocessing and o es y
i ms, o imp o ing heal hca e by in es ing in he p i a e p o ision o e ia y se ices o complemen he
public p o ision o p ima y heal hca e.
ODI Repo
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hese economies a e ei he go e nmen -owned o o eign-in es ed
(Key on, 2007).
I is widely acknowledged ha he s anda d DFI model o in es ing
g ow h capi al in exis ing i ms o en alls sho , because he e a e
insu icien la ge o mal i ms o in es in, equi ing addi ional
measu es (Massa e al., 2016; Ciani e al., 2020; Hende son e al.,
2021). This cons ain is el mos acu ely in lowe -income, on ie and
agile/con lic -a ec ed s a es, many o which a e concen a ed in
A ica (Collie e al., 2019; Collie , 2024). He e, he e is bo h a
pe asi e ‘missing op’ o la ge o mal i ms wi h he capaci y o
unde ake in es men s la ge enough o DFIs o inance; and limi ed
appe i e o new sponso s (e.g. o eign in es o s) o en e he ma ke
and c ea e new i ms.
When aced wi h his cons ain , DFIs ha e he ollowing op ions:
1. p o ide suppo o ups eam ac i i ies such as in es men clima e
e o ms, ma ke de elopmen and business aining wi h he
objec i e o encou aging he o ma ion and ma ke en y o la ge
o mal p i a e i ms (including inancial ins i u ions) ha DFIs can
la e inance. ‘Ma ke c ea ion’ ac i i ies o his ype may ha e
limi ed impac wi hou he p esence o la ge i ms able o bene i
om an imp o ed in es men clima e o ma ke oppo uni ies.
2. p o ide suppo and inancing o en u e capi al (VC) o suppo
s a -ups wi h he po en ial o g ow in o la ge i ms, and p i a e
equi y and deb o help medium and la ge i ms g ow. The
echnology sec o is no able o he abili y o s a -ups o scale qui e
quickly and wi h limi ed amoun s o capi al. Fo example,
In e na ional Finance Co po a ion (IFC) has de eloped ini ia i es
like S a up Ca alys , which in es s in nascen ech ecosys ems
(Wo ld Bank, 2005–2006; IFC, 2020). In o he sec o s, including
in as uc u e and inancial se ices, he e a e ewe examples o
success ul s a -ups ha ha e s a ed as small en u es. Howe e ,
p i a e equi y unds ha e been success ul in helping midsize i ms
g ow ac oss a wide ange o sec o s
2
.
3. ake he ini ia i e o sponso he c ea ion o new en u es
(Sampablo and an Lae , 2024), including pla o ms ha can
gene a e u he in es men oppo uni ies.
Box 2 Ven u e sponso ship in DFI s a egies
BII: BII’s cu en s a egy (2022) emphasises using a lexible inancial
oolki as a key elemen o achie e i s p oduc i e, sus ainable and inclusi e
de elopmen goals. I also s esses he impo ance o deploying a ied
in es men ehicles o add ess di e se isk appe i es. Addi ionally, he
2
h ps://www.bii.co.uk/en/news-insigh /insigh /a icles/in es ing- o -impac -in-
a ican-p i a e-equi y- unds/
ODI Repo
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s a egy highligh s how pa ne ships wi h like-minded o ganisa ions can
ampli y bo h he impac and he inancial success o in es men s.
Be o e o malising his s a egy, BII had de eloped an in e nal documen
(2021) ha ou lined he a ionale o c ea ing la ge and s uc u ed pla o ms,
JVs and i ms dedica ed o sus ainable de elopmen . This p ac ice aims
o decouple inancial isks and accele a e ope a ions sepa a e om o he
ini ia i es. Mo eo e , his app oach di ec ly impac s a ge ed egions and
sec o s, p o iding inancial oppo uni ies o local popula ions and os e ing
g ow h when o he ools may be less e ec i e.
No und: No und’s s a egy (2023–2026) is ocused on impac ul
in es men s in i s a ge ed goals. No und aims o ope a e in coun ies,
sec o s and ins umen s whe e capi al is sca ce and i s de elopmen impac
is likely o be s ong. The s a egy p io i ises equi y ins umen s because, ‘in
mos de eloping coun ies, his is he sca ces ype o capi al ha en e p ises
need’. Mo eo e , c ea ing pa ne ships, and mobilising and ci cula ing capi al
o inc eased addi ionali y, is ano he key pa o he impac s a egy. This is
why hese pla o ms a e ele an in No und’s in es men oolki and ha e
helped i c ea e an impac .
As an example, he s a egy showcases how No und sold SN Powe , a
pla o m c ea ed and buil in o a leading hyd opowe company in de eloping
coun ies, and ob ained $1.17 billion o ein es in de eloping coun ies,
(No und, 2020). Fu he , No und’s 2023 annual epo illus a es how
es ablishing new as well as s eng hening exis ing pa ne ships ‘can enable
indus ial in es o s o ealise mo e p ojec s and en e in o new ma ke s’ and
has ‘mul iplied he impac o No und’s capi al, and leading o sus ainable
business en u es’. No und epo s also highligh how he es ablishmen o
hese pla o ms h ough di e en le els o engagemen has helped i s goals
and pa ne ships (No und, 2022).
A ew DFIs, including BII and No und, ha e aken op ion 3, and
sponso ed en u es wi h he s a egic objec i e o enabling in es men
and se ice p o ision in sec o s and coun ies/ egions ha lack
exis ing p i a e i ms (see Box 2). This includes se ing up pla o ms,
which in u n de elop and/o inance o he i ms o in as uc u e
p ojec s (Collie , 2024; Thioune, 2023; Sampablo and an Lae , 2024).
Based on he cases e iewed o his s udy, he a ionale o launch his
ype o ini ia i es can include:
a. o help de elop new ma ke s o p i a e in es men beyond he
p ojec , especially in high de elopmen impac sec o s such as
in as uc u e, heal h and ag ibusiness/ o es y, h ough pionee ing
in es men s ha :
• in oduce new business models
• demons a e in es men oppo uni ies in p e iously unde in es ed
sec o s/coun ies/ egions, whe e he e is a lack o sui able i ms o
unde ake in es men s
o
ODI Repo
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b. o mobilise mo e p i a e capi al o p ojec s in impac ul ye
in es ible sec o s/coun ies/ egions, by:
• gene a ing an in es ible p ojec pipeline, especially in
in as uc u e, a a scale beyond no mal DFI p ojec inance
ansac ions
• aking p i a e in es o s o new ma ke s on a p og amma ic basis,
beyond single ansac ions
The e may be mul iple a ionales in ol ed in he c ea ion o speci ic
en u es, wi h some being mo e impo an han o he s, as shown in
Table 2, which summa ises key objec i es and o he ele an
objec i es o BII- and No und-sponso ed pla o ms.
The en u es examined in his epo ha e big ambi ions o gene a e
c i ical in es men s in po s, powe , heal hca e, o es y, ag icul u e
and o he c i ical sec o s in some o he mos challenging low- and
middle-income coun y con ex s, while pionee ing new app oaches o
in es ing in hese sec o s.
Fo example, G idwo ks is wo king o expand elec ici y dis ibu ion in
Bu undi, whe e only 12% o he popula ion ha e access, and b ing g id
elec ici y o h ee isola ed ci ies in DRC o he i s ime. DP Wo ld is
in es ing in a new deep-sea po in Senegal and he i s deep-sea po
in DRC (u gen ly needed essen ial ade in as uc u e a coun y o
o e 100 million people). Globeleq has de eloped among he i s g id-
scale ba e y ene gy s o age p ojec s on he A ican con inen , and is
de eloping he i s g id-scale wind p ojec anywhe e be ween Sou h
A ica and Kenya.
3
Ayana, which di e s om o he pla o ms in his epo because i s ole
was o mobilize capi al a scale in he Indian ma ke wi h eno mous
demand o ene gy in es men , has apidly eached 4.1GW o
enewable gene a ion capaci y in ope a ion o unde cons uc ion, and
has ecen ly been sold a en e p ise alue o $2.3bn. GIP Ghana is
pilo ing a new app oach o p o iding long- e m and lexible inance o
SMEs, mee ing a need ha comme cial banks ha e been unable o
espond o. I his model wo ks in Ghana, BII plans o be eplica e i in
o he coun ies. AFIP is c ea ing ma ke s o sus ainable o es y
p oduc s, wi h huge po en ial o ca bon seques a ion and u al job
c ea ion. A ise channels equi y capi al o suppo he g ow h o banks
ac oss A ica. MedAccess is p o iding gua an ees ha educe p ices
o much-needed medical p oduc s in A ica.
3
The i s g id scale ba e y p ojec o s a ope a ions in sub-Saha an A ica was he 20MW Golomo i PV
and ba e y p ojec in Malawi, suppo ed by he P i a e In as uc u e De elopmen G oup. Globeleq’s
Cuamba p ojec is he second. Globeleq has since been awa ded he Red Sands s o age p ojec in Sou h
A ica, which will be he la ges s andalone ba e y in all o A ica
ODI Repo
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Table 2 Key objec i es o selec ed DFI-sponso ed en u es
No e: The able is no a comp ehensi e pic u e o all objec i es wi hin each example.
Fo ull de ails see he indi idual cases s udies annexed o his epo .
Sou ce: Au ho s’ elabo a ion.
2.2 P i a e capi al mobilisa ion
A key elemen o many DFI s a egies is he mobilisa ion and
ca alysa ion o p i a e capi al. DFI-sponso ed en u es can con ibu e
o his objec i e in se e al ways:
1. By c ea ing inancially sus ainable p i a e i ms in coun ies
and sec o s whe e hey a e lacking, DFIs can ca alyse addi ional
p i a e in es men by demons a ing he iabili y o such
in es men s, and gene a ing knowledge o alue o p i a e
in es o s.
Fo example, AFIP and AgDe Co a e in es ing in o es y and
ag ibusiness in A ica, which p i a e in es o s ypically ega d as
oo high- isk o in es in. G idwo ks aims o demons a e he
iabili y o p i a e ansmission and dis ibu ion (T&D) in es men s,
a ac ing mo e p i a e capi al o he sec o . In 2019, wi h he
excep ion o BII, he e was li le o no appe i e among DFIs o ake
he isk o de eloping T&D p ojec s in A ica. BII ecognised ha
unde in es men in A ica’s elec ici y ne wo ks was a signi ican
ma ke ailu e and needed o be add essed. In he almos ou
yea s since G idwo ks was c ea ed, he sen imen owa ds
encou aging p i a e in es men in his i al sec o has slowly
imp o ed, among A ican go e nmen s and also among impac and
comme cial in es o s. G idwo k’s ma ke -shaping ac i i y has
p omp ed g owing in e es among o he DFIs in o e ing p i a e
sec o solu ions o complemen he public sec o solu ions A ican
go e nmen s cu en ly ha e o he unding sho all.
ODI Repo
20
2. By c ea ing pe manen capi al ehicles, DFIs can o e he
oppo uni y o p i a e capi al o come in o he en u e (a
holding company le el) a a la e s age, ei he dilu ing o eplacing
DFI capi al (allowing he DFI o exi ). Fo example, p i a e in es o s
pa icipa e in A ise and Able No dic a he holding company le el.
The mos success ul example o mobilising local capi al is Ayana,
which was ini ially es ablished wi h 100% BII owne ship. BII ini ially
se a mobilisa ion a ge o $50 million, and up o 2024 had
mobilised a ound $1.8 billion.
4
The pla o m g ew as , o he poin
ha i became di icul o BII o con inue o con ibu e enough new
capi al o i o main ain i s g ow h ajec o y, making BII’s sole
owne ship a cons ain o he business size and con inued g ow h.
I was success ul in a ac ing Indian in es men unds sponso ed
by he go e nmen o ake equi y s akes a he pla o m le el, and
o e ime BII elinquished managemen con ol.
5
3. In he sho e e m, pla o ms can o e co-in es men
oppo uni ies o p i a e in es o s a he asse /p ojec le el,
including in subsidia ies de eloped by he pla o m. Ayana, DP
Wo ld, Globeleq and G idwo ks aim o gene a e in as uc u e
asse s ha can a ac p i a e co-in es men . This can be done
ei he be o e o a e p ojec comple ion. Since much o he isk o
in as uc u e de elopmen occu s p e-comple ion, he isk- e u n
p o ile may be mo e a ac i e o p i a e in es o s pos -comple ion.
Hence, some pla o ms inance he p e-comple ion phase ully, wi h
he aim o e inancing by b inging in co-in es o s pos -comple ion.
Fo example, Ayana has been able o e inance some o i s powe
p ojec s’ deb pos -comple ion.
4. In he longe e m, mobilising p i a e in es o s a he pla o m
company le el p o ides isk di e si ica ion and oppo uni ies
o la ge icke sizes. In he i s ew yea s and du ing
ea ly/de elopmen s ages, DFIs may accep highe isks and he
dis an p ospec o inancial e u ns a he pla o m le el, because
o he impac alue o he ac i i ies and p ojec s he pla o m
unde akes. Ye p i a e in es o s may no ind hese isk-adjus ed
e u ns a ac i e. Once he en u e eaches scale and inancial
sus ainabili y and he isks a e educed, mobilisa ion a he pla o m
le el may be mo e a ac i e o p i a e in es o s han indi idual
in es men s in sub-p ojec s. Fo example, Ayana has been able o
a ac domes ic in es o s a he pla o m le el, while o he ehicles
like G idwo ks and AgDe Co a e aiming o a ac p i a e inancing
in he nea o medium e m.
Pla o m-le el in es men s a e mo e likely o be equi y- inanced,
bu he lack o a clea exi pa h can be a de e en . Hence, pla o m-
le el in es men s may be o mos in e es o in es o s ha sha e
4
This igu e includes deb and equi y commi men s ha ha e no ye been ully disbu sed ( hey a e ied
o he cons uc ion o p ojec s).
5
Ayana was sold o Indian in es o s in Feb ua y 2025 a an en e p ise alue o $2.3 billion, a e he s udy
was comple e.
ODI Repo
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he pa ience and de elopmen impac o ien a ion o he sponso ing
DFI – o example o he DFIs, amily o ices/high ne wo h
in es o s (HNWs), mission- ela ed in es men s o endowmen s
and ounda ions, and dono s. Because o he en i onmen al, social
and go e nance (ESG) and impac managemen sys ems ha BII
and No und ha e ins alled in hem, some unds (e.g. Able
No dic’s unds, AFIP) can be ca ego ised as impac unds (A icle
9 unde he EU Sus ainable Finance Regula ions). This may make
hem a ac i e o impac in es o s.
ODI Repo
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3 Key achie emen s by
DFI-sponso ed en u es
While mos new en u es a e oo ecen o ha e achie ed hei ull
de elopmen impac o mobilisa ion po en ial, we can see ea ly
indica ions o hei po en ial o b ing bo h DFI and p i a e capi al o
p io i y sec o s and coun ies. This sec ion p esen s some successes
o da e. Howe e , i is impo an o no e ha his s udy and he poin s
p esen ed below should no be conside ed a comp ehensi e o e iew.
This epo has no sough , o example, o cap u e pla o ms ha ailed
o pass in es men commi ees, and ou inpu has elied on in o ma ion
p o ided o us on a olun a y basis by DFI coun e pa s.
The i s indica ion o success is ha he s uc u es ha e been able o
a ac subs an ial inancial commi men s. Ac oss 12 DFI-sponso ed
en u es examined in his epo , o al DFI commi men s o da e
amoun o mo e han $4.2 billion, wi h he po en ial o a ac mo e
capi al, including deb , as he en u es g ow in size.
The second indica o o success is ha al hough some o hese
en u es s ill ha e a s eep climb ahead o hem, all bu one o hem a e
on a pa h o ope a ing wi h inancial independence om he sponso ing
DFI(s),aside om pe iodic capi al in usions o inance expansion and
g ow h. The excep ion is MedAccess, whose s a egy elies on
ongoing concessional unds o i s ope a ions, jus i ied by i s pu pose
o encou aging g ea e p oduc ion o medical p oduc s and se ices a
lowe p ices.
These indica o s may appea i ial, bu hey a e no . New en u es
ace subs an ial isks in a ac ing enough capi al o become
ope a ional, pa icula ly in capi al-in ensi e sec o s like in as uc u e.
They hen ace a ange o ope a ional isks in mo ing om s a -up o
inancial independence. The high success a e o he en u es
sponso ed by BII and No und s udied in his epo in achie ing hese
miles ones shows ha i is possible o DFIs o succeed in he di icul
ask o es ablishing new la ge i ms.
A hi d indica o o success, o hose en u es o which i is an
objec i e, is mobilising p i a e capi al. As discussed abo e, he
a ionale o DFIs es ablishing and sponso ing new en u es is no
always abou mobilising p i a e capi al a scale, as hese ehicles a e
o en be e placed o mobilise p i a e capi al o impac and ma ke
de elopmen in p io i y sec o s. This o cou se does no p eclude (i)
c owding in new comme cial playe s a scale as an ex e nali y o new
en u e c ea ion o (ii) he oppo uni y o new pla o ms o p io i ise
scale as a s a egic objec i e. Ne e heless, he en u es s udied in
his epo ha e aised o e $3 billion, no ably Ayana and Globeleq
which ha e mobilised o e $2.6bn o in as uc u e p ojec s hey ha e
ODI Repo
23
de eloped. In o he cases, mobilisa ion numbe s can be expec ed o
g ow as he en u es g ow and ma u e, and gene a e mo e in es men
oppo uni ies o bo h DFIs and p i a e in es o s, especially
in as uc u e pla o ms like G idwo ks and DPWo ld which expec o
aise hund eds o millions o dolla s o co inancing o he la ge
in as uc u e p ojec s hey a e de eloping. GIP also has he po en ial
o mobilise capi al a scale o SME lending, especially i he model is
success ully expanded o mo e coun ies
Table 3 Capi al mobilised by cases s udied ($ millions)
Pla o m
To al alue o
DFI
commi men s
To al
p i a e
capi al
mobilised
PCM pla o m le el
PCM asse le el
Equi y
Deb
Equi y
Deb
MedAccess
200
AgDe Co
280
G idwo ks
175
GIP
50
AFIP
200
DP Wo ld
320
APP
145
AWID
15
Ayana
235
1,800
1,800
Globeleq
1,322
835
835
A ise
1,000
177
177
Able No dic
310
226
226
To al
4,252
3,038
177
226
2,635
No e: PCM = P i a e capi al mobilised ( ollowing he MDB/DFI de ini ion, which
includes capi al om s a e-owned en e p ises on comme cial e ms). Cumula i e
amoun s commi ed by BII and No und (and IFU o Able No dic) since incep ion o
he en u e, based on publicly a ailable in o ma ion. Numbe s a e indica i e and
app oxima e only, and may no include all ecen commi men s. Includes mobilisa ion
a pla o m and sub-p ojec le el. Does no include exis ing asse s b ough in o he
new en u e.
Sou ce: Au ho s elabo a ion based on case s udies and public in o ma ion on DFIs
websi es, which a e published wi h a lag and hence may omi mo e ecen DFI
commi men s in o hese en u es.
Finally, in addi ion o ha ing p ojec s unde de elopmen wi h high
po en ial impac , he e a e many indica o s o achie ed impac among
ODI Repo
24
he pla o ms which ha e been in exis ence o some ime.
6
De ails o
he ac i i ies o da e o each pla o m can be ound in he case s udies
annexed o his epo ; we p esen a ew highligh s he e.
MedAccess has achie ed wo ma ke ‘ i s s’: cha ging a comme cial
ee o i s gua an ees and le e aging olumes wi h pa ial
compensa ion a he han he ull sales p ice, which has inc eased he
supply and educed he p ices o medical p oduc s in he A ican
ma ke , including o i us es ing equipmen , ube culosis ea men s
and nex -gene a ion mala ia ne s and mala ia accines. Ayana and
Globeleq ha e bo h de eloped many GWs o powe in as uc u e
asse s ha con ibu e o mee ing he g owing demand o powe in
Sou h Asia and A ica.
A ise, as he i s long- e m inancial se ices in es men pla o m in
sub-Saha an A ica, is among he leading (mino i y) equi y in es o s in
banks ac oss he egion. Cu en ly, A ise has equi y s akes in eigh
banks and h ee non-bank ins i u ions, wi h a ai alue o
app oxima ely $1 billion, which i in ends o double in he nex ew
yea s.
AgDe Co, one o he longes -es ablished en u es examined in his
epo , has made and exi ed many highly impac ul in es men s in
ag ibusiness i ms and p ima y ag icul u e ha ha e s eng hened
supply chains while gene a ing p oduc i e u al employmen .
7
AFIP is
managing sus ainable o es y plan a ions ha a e p o iding
employmen o local communi ies, and i is de eloping new ma ke s
o A ican sus ainable wood p oduc s.
These a e indica o s ha he en u es s udied a e on ack o achie e
hei in ended impac objec i es. As long- un s a egic ac i i ies, any
achie emen s in he ea ly yea s o ope a ions o e only a limi ed guide
o wha hey may achie e o e a longe pe iod. Unlike egula DFI
in es men s, which ha e limi ed upside o wha hey can achie e wi hin
he ypical i e- o eigh -yea holding pe iod, pla o ms/JVs wi h
unlimi ed li e ha e much g ea e long- e m po en ial.
6
Some o he pla o ms in his epo had impac ul ope a ing asse s ans e ed in o hem upon hei
c ea ion, such as DP Wo ld, AWID and APP, and o he s ha e since acqui ed s akes in impac ul ope a ing
asse s as a ounda ion o u u e expansion, such as he G idwo k in es men s in Anzana and SPS.
7
See h ps://www.agde co.com/news-and- esou ces/ esou ces/
ODI Repo
31
5 Design o DFI-sponso ed
en u es
The e is a ange o op ions o s uc u ing DFI-sponso ed en u es,
ei he unde sole DFI con ol o wi h con ol sha ed wi h p i a e
pa ne s o o he DFIs. The ajec o y o launching a new en u e
equi es app op ia e phasing o capi al con ibu ions and may include
he acquisi ion o exis ing asse s (which can be used o gene a e
cash low o inance new p ojec de elopmen ). As en u es ha e
unlimi ed li es, DFIs also need o choose a s uc u e ha will enable
he en u e o inance u he g ow h, while allowing o he DFI o exi
once he en u e has ma u ed. The co po a e s uc u e will also a ec
i s abili y o hi e and mo i a e a s ong managemen eam.
5.1 Co po a e s uc u es
The e is a ange o legal o ms ha allow he DFI o play he ole o a
sponso , a JV pa ne o an ac i e mino i y sha eholde – all o which
ep esen a mo e ac i e ole han he egula business o DFIs. Table
4 shows which o he case s udies adop ed each ype o legal s uc u e.
ODI Repo
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Table 4: Legal s uc u es used in DFI pla o ms
Spec um
Pla o m
S uc u e
Go e nance
Sole
sha eholde
MedAccess
UK LLC
100% BII
G idwo ks
UK LLP
100% BII
GIP
Ghana: SEC-
licensed
pe manen capi al
ehicle (limi ed
liabili y); Zambia:
SEC-licensed LLC
100% BII
Con olling
sha eholde
Globeleq
UK LLC
70% BII 30% No und*
AFIP
Pa ne ship Capi al
Vehicle
38% BII 38% No und 24%
Finn und
AWID (Me i o)
UK LLC
60% Me i o 40% BII
Ac i e mino i y
sha eholde
AgDe Co
UK LLC
64% AgDe Co 19% No und 17%
BII
Ac i e mino i y
sha eholde
(JV)
DP Wo ld
Uninco po a ed JV
DP Wo ld and BII
Ayana
Inco po a ed JV
35% BII 53% NIIF 13% GGEF
APP (AKFED)
JV
50.1% AKFED 49,9% BII
* BII is he con olling sha eholde , wi h No und an ac i e mino i y sha eholde .
Sou ce: Au ho s’ elabo a ion
Limi ed liabili y companies. Mos o he pla o ms examined a e
s uc u ed as LLCs, in which he DFI akes a con olling sha e –
anywhe e om 38% o 100%. In some cases, he company is limi ed
by gua an ee
10
(e.g. MedAccess and Globeleq), o is a public bene i
co po a ion, so ensh ining i s de elopmen pu pose in i s co po a e
s uc u e. Companies may be inco po a ed in he home coun y o he
DFI, o in one o he coun ies o ope a ion – he choice o en depends
on wha will simpli y ax and egula o y compliance. In some cases,
such as o inancial ins i u ions, hey may be equi ed o inco po a e
in he coun y o ope a ion, as was he case wi h GIP ope a ions in
Ghana and o he coun ies whe e his model can be eplica ed. DFIs
may also make use o epu able o sho e inancial cen es as ax-
neu al, low egula ion loca ions, pa icula ly whe e en u es ope a e
in mul iple coun ies.
Box 4 Regional o coun y ocus
In mos cases, pla o ms ha e been es ablished wi h he in en o ope a e
ac oss mul iple coun ies. Howe e , in he inancial sec o , egula ions
equi e es ablishing en u es in each coun y, and c oss-coun y a ia ions
in egula ion may a ec he a ailable and op imal legal s uc u e. Fo
example, GIP ollows a coun y-by-coun y s a egy whe eby a sepa a e
in es men company is es ablished in each ma ke . This choice aligns wi h
GIP’s key ea u es and objec i es: deli e ing inance in local cu ency,
10
A company limi ed by gua an ee does no ha e any sha es o sha eholde s bu is owned by gua an o s
who ag ee o pay a se amoun o money owa ds company deb s in he case o liquida ion.
ODI Repo
33
mobilising local ins i u ional capi al, ec ui ing a local managemen eam and
eaching SMEs – all o which a e o en mo e easily achie ed h ough a local
in es men company. These coun y-speci ic ins i u ions can s ill bene i om
a c oss-coun y app oach by being owned by a holding company ha
p o ides cen alised co po a e se ices (e.g. HR, IT). Also, BII has de eloped
a ‘playbook’ o se ing up ope a ions, which can accele a e he c ea ion o
new coun y-based inancial ins i u ions.
Whe e he en u e is a pla o m o de elop sub-p ojec s, i is usually
s uc u ed as a holding company ha holds equi y in o he
companies/asse s ha i may o may no con ol. The holding company
may be con olled solely by he DFI o join ly con olled unde a JV
ag eemen (such as AWID, whe e BII holds 40% and a p i a e
de elope , Me i o, holds 60% o he holding company equi y). This
s uc u e allows o co-in es men ei he a he holding company le el,
gi ing exposu e o all he asse s, o a he le el o speci ic subsidia y
companies o p ojec s. An ea ly example o his s uc u e was SN
Powe , es ablished in 2002 as a 50:50 join en u e be ween No und
and S a k a , he No wegian powe company, which de eloped and
hen in es ed in a se ies o powe p ojec s in A ica and Asia. Ano he
op ion, albei less common, is a UJV, whe e he asse s emain wi h he
pa ne s. Fo example, DP Wo ld is no inco po a ed, as he asse s i
manages a e held by DP Wo ld and BII in pa allel holding companies.
Box 5 SN Powe
SN Powe is a enewable ene gy company o iginally es ablished as a JV
be ween No und and S a k a , No way’s la ges enewable ene gy
p oduce . SN Powe was c ea ed in 2002 o de elop, inance and ope a e
hyd opowe plan s in eme ging ma ke s, combining inancial esou ces,
echnical expe ise and local pa ne ships o p omo e sus ainable ene gy
solu ions.
Key achie emen s:
• P omo ing enewable ene gy: SN Powe ’s ocus on hyd opowe was
ins umen al in educing ca bon emissions by eplacing ossil uel-based
ene gy in coun ies like Lao PDR, he Philippines and Uganda.
• Geog aphical impac : P ojec s in 14 coun ies ac oss A ica, Asia and
La in Ame ica a e aimed a add essing ene gy de ici s while suppo ing
economic de elopmen .
• A model o public–p i a e collabo a ion was pionee ed, le e aging
No und’s public unding and S a k a ’s echnical expe ise o a ac
p i a e in es men .
• Ci cula ing capi al: SN Powe was acqui ed o $1.17 billion in 2021
by Sca ec, a leading enewable ene gy p o ide , allowing No und o
ein es he capi al.
In 2017, S a k a exi ed he join en u e by selling i s s ake o No und. In
2021, No und exi ed by selling SN Powe o Sca ec, a p i a e No wegian
enewable ene gy de elope . In 2024, Sca ec sold SN Powe o To al
Ene gy, a la ge p i a e Eu opean ene gy company.
ODI Repo
34
Simila ly, DFI-sponso ed en u es o c ea e in es men unds in ol e
he c ea ion o an asse managemen company wi h he DFI and i s
pa ne s as sha eholde s. The asse manage can bo h de elop and
manage unds (as in he case o Able No dic) and in some cases
manage pa allel p ojec de elopmen o echnical assis ance acili ies
ha gene a e asse s o be inanced by he unds i manages (as in he
case o Clima e In es o One – see Box 6).
Box 6 Clima e In es o One: an FMO-sponso ed
inno a ion o enewable ene gy inancing
Clima e In es o One (CIO) is a pionee ing blended inance pla o m
sponso ed by he Du ch En ep eneu ial De elopmen Bank (FMO). FMO led
he design o he pla o m and c ea ed Clima e Fund Manage s as a JV wi h
p i a e asse manage Sanlam o manage he und (Sanlam was also an
ancho in es o ).
CIO is designed o accele a e he de elopmen o enewable ene gy
in as uc u e in eme ging ma ke s add essing c i ical inancing gaps ac oss
he p ojec li ecycle. The und pa icula ly a ge s sola , wind and hyd opowe
p ojec s o p omo e sus ainable de elopmen and comba clima e change.
CIO uses a h ee-s age inancing model:
1. The De elopmen Fund p o ides isk capi al o ea ly-s age p ojec
de elopmen , including easibili y s udies and en i onmen al assessmen s.
2. The Cons uc ion Equi y Fund o e s equi y b idge inancing o co e he
high-cos cons uc ion phase, educing eliance on deb and accele a ing
imelines.
3. The Re inancing Fund acili a es long- e m e inancing o s abilise
p ojec s and a ac ins i u ional in es o s.
This s uc u e minimises p ojec delays and isks, making enewable ene gy
p ojec s mo e a ac i e o p i a e in es o s.
Key achie emen s:
• P ojec pipeline: As o 2023, he pla o m has suppo ed o e 20
enewable ene gy p ojec s, con ibu ing o mo e han 1,500 MW o clean
ene gy capaci y.
• P i a e sec o mobilisa ion: CIO has demons a ed he po en ial o
blended inance by le e aging ins i u ional and p i a e capi al alongside
public unding.
• Ca bon impac : The pla o m has p e en ed millions o ons o ca bon
dioxide emissions annually by expanding p oduc ion o enewable powe .
• Job c ea ion: CIO has deli e ed economic bene i s h ough job
oppo uni ies and in as uc u e imp o emen s in hos communi ies.
- Geog aphic each: CIO has unded p ojec s ac oss A ica, Asia and La in
Ame ica, b inging enewable ene gy solu ions o millions.
Pe pe ual and e e g een unds. Ven u es can also be s uc u ed as
pe pe ual o e e g een unds, which do no ha e o e u n capi al o
ODI Repo
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in es o s a a p esc ibed ime (e.g. GIP Ghana, AFIP). This s uc u e
is well sui ed o in es men s in sec o s ha ake a long ime o gene a e
e u ns, such as o es y. The und may be managed by he DFI o a
subsidia y ha i con ols as GP, o may be managed by a hi d pa y,
wi h he DFI a LP wi h ce ain in es o igh s. Pe pe ual und s uc u es
allow o pla o ms o ha e an unlimi ed li espan, in he same way as
LLCs. Fund s uc u es may also allow he DFI o keep he en u e’s
asse s and liabili ies om being consolida ed on o i s own balance
shee , depending on inancial egula ions in he DFI’s home coun y.
An example o DFIs es ablishing a pe manen s uc u e is he Cu ency
Exchange Fund (TCX), c ea ed in 2007 by a conso ium o 19 MDBs,
bila e al DFIs and mic oc edi unds o p o ide o eign cu ency
hedging solu ions (see Box 7).
Box 7 The Cu ency Exchange Fund (TCX)
TCX was es ablished in 2007 by a conso ium o 19 MDBs, DFIs and
mic oc edi in es men ehicles. I is s uc u ed as a und, managed by TCX
In es men Managemen Company, a subsidia y o he no - o -p o i S ich ing
Ca dano De elopmen .
TCX’s p ima y mission is o p o ide inno a i e o eign cu ency hedging
solu ions o in es men s in eme ging and on ie ma ke s, whe e such ools
a e ypically una ailable o p ohibi i ely expensi e. By abso bing cu ency
isk, TCX enables local cu ency inancing o p ojec s in sec o s like
in as uc u e, mic o inance and enewable ene gy, os e ing economic
s abili y and educing dependency on o eign exchange.
Since i s c ea ion, TCX has hedged o e $10 billion in de elopmen inance
lows ac oss mo e han 100 cu encies. No able successes include c ea ing
local cu ency solu ions o high- isk ma ke s, os e ing inancial s abili y and
ca alysing p i a e in es men s h ough inno a i e ins umen s like on ie
bonds.
Fo example, he pe manen capi al ehicle s uc u e
11
o AFIP
p o ided he ype o pa ien capi al needed o suppo he needs
in ol ed in de eloping a sus ainable o es y sec o in A ica. This
allowed AFIP o ocus on op imising he pe o mance o i s o es y
asse s and maximising impac , a he han on e u ning capi al o
in es o s in he medium e m.
Uninco po a ed join en u es. JVs may be inco po a ed as LLCs,
which allows hem o join ly hold asse s, o hey may be UJVs, whe e
he asse s gene a ed by he en u e si on he balance shee s o one
o mo e o he pa ne s.
As limi ed liabili y s uc u es, co po a e and und s uc u es can
insula e DFIs om inancial and ope a ional isk, in a way ha UJVs
canno . Howe e , UJVs can be lexible ehicles o collabo a ing wi h
pa ne s on an in es men p og amme wi hou c ea ing a new
co po a e s uc u e o hi ing s a . Fo example, BII pa ne ed wi h
11
AFIP p o ided a long-da ed s uc u e wi h in es o liquidi y windows in Yea 10 and e e y six yea s
he ea e .
ODI Repo
36
po s ope a o DP Wo ld in a UJV o de elop po and logis ics
in es men s in A ica. The ac ual in es men s in he p ojec s
de eloped can be made on a p ojec inance basis, and he s uc u e
does no equi e pooling o any asse s be ween BII and DP Wo ld.
Likewise, exis ing asse s managed by he JV a e held on he pa ne s’
own balance shee s. The UJV be ween DP Wo ld and BII shows how,
when pa ne s a e well aligned and s a egic con ol is sha ed, a
pla o m can main ain a e y lean and lexible s uc u e wi h li le
up on capi al in es men and high alue o money. F om a DFI
pe spec i e, ope a ing e ec i ely a his end o he spec um equi es
alignmen on s a egy, as well as nego ia ing subs an i e con ol and
go e nance igh s. In he case o DP Wo ld, his ook ou yea s o
ag ee. In addi ion, i o en equi es an exis ing o well-ad anced
pipeline o p ojec s ha bo h pa ies sha e alignmen o e . In u n, i is
mo e likely o UJVs o be ollowing a mobilisa ion a ionale ega ding
gene a ing in es ible p ojec pipelines and b inging in es o s in o new
and/o iskie ma ke s. O e all, i is mo e di icul o UJV s uc u es o
be es ablished based on solely s a egic aspi a ions. JVs a e easies
o nego ia e and manage when hey a e be ween wo pa ies. Adding
addi ional pa ies adds managemen complexi y.
Box 8 Pa ne ship o sole owne ship
Sole owne ship gi es DFIs he g ea es eedom o di ec he en u e. In
c ea ing MedAccess and GIP, BII chose o hold 100% o he equi y so i had
he eedom o mo e as e , ake mo e isk and inno a e, wi h he in en o
b ing in o he equi y pa ne s la e should he en u e p o e success ul. In
he case o Ayana, BII ini ially held 100% o he equi y, bu was able o b ing
in o he in es o s once he business model was p o en, b inging BII’s
sha eholding down o 35%
12
.
In he case o MedAccess, 100% owne ship has allowed i o be a pa ien
in es o as i ied o ind a sus ainable model o he business. Howe e , he
lack o a echnical pa ne in he heal h space c ea ed challenges o BII,
which had limi ed in e nal expe ise in business o p oduc de elopmen
wi hin he heal h sec o . As a esul , he ini ially en isioned comme cially
o ien ed ee model had o be ede ined, leading o in e im losses and
deploymen s uggles. MedAccess and BII deepened collabo a ions wi h
s akeholde s like he Clin on Heal h Access Ini ia i e, which helped deal low
du ing he i s ew yea s, as well as philan h opies like he Ga es Founda ion,
which p o ided g an capi al o help ailo MedAccess’ model wi h he sub-
comme cial eali ies o he sec o .
On he o he hand, c ea ing a pla o m wi h o he in es o s limi s he DFI’s
inancial exposu e; may p o ide access o echnology, expe ise, ma ke s
and asse s; and can o e he ope a ing expe ience ha DFIs lack. I allows
he pla o m o ake la ge s akes in he p ojec s i de elops while o e ing he
pa ne s g ea e di e si ica ion o asse s. I can make i easie o b ing in
addi ional pa ne s la e , i he pla o m has been se up o accommoda e
mul iple pa ne s om he s a .
12
BII sold i s emaining in es men in Feb ua y 2025 as pa o he sale o Ayana o Indian in es o s
ODI Repo
37
5.2 Capi al con ibu ions
In sponso ing new en u es, pa ience and lexibili y a e key
equi emen s – he ajec o y o inancial and ope a ional sus ainabili y
may ake longe han an icipa ed, and en u e c ea ion in ol es
subs an ial lea ning by doing. This may lead he DFI o make changes
o he di ec ion o he en u e. Fo example, APP has spen 10 yea s
de eloping he Ruzizi hyd opowe p ojec in Bu undi – ew i any
p i a e in as uc u e de elope s would be willing o s ay he cou se o
so long. Simila ly, wi h APP, i ook almos h ee yea s be ween he
s a o he con e sa ions be ween BII and he Aga Khan Fund o
Economic De elopmen (AKFED) and ag eemen o he e ms and
se ing-up o he pla o m. S a egic pa ience mus be ma ched by
ca e ul moni o ing, wi h pe iodic checkpoin s a which pe o mance
agains inancial, ope a ional and impac benchma ks a e assessed.
IFC’s In aVen u es de elops new in as uc u e p ojec s using a
phased app oach o his ype (Box 9).
Box 9 In aVen u es
In aVen u es is a $150 million global in as uc u e p ojec de elopmen
acili y es ablished by IFC. I aims o add ess he sho age o bankable
in as uc u e p ojec s in de eloping coun ies by p o iding ea ly-s age
unding and echnical expe ise. I suppo s p ojec s ha add ess c i ical
needs such as ene gy access, anspo a ion and wa e supply, os e ing
economic g ow h and educing po e y, wi h a ocus on on ie and
unde se ed ma ke s whe e in as uc u e de ici s hinde economic g ow h.
Key ea u es:
• Ea ly-s age isk capi al: In aVen u es o e s c i ical equi y unding
du ing he ini ial phases o p ojec de elopmen , when inancial and
echnical isks a e highes .
• Expe p ojec de elopmen suppo : In aVen u es p o ides access
o expe ienced p o essionals o help mi iga e isks and build obus
p ojec pipelines.
• Access o Wo ld Bank G oup inancial p oduc s: As pa o IFC,
In aVen u es is able o a ange p ojec inancing om IFC, access Wo ld
Bank and Mul ila e al In es men Gua an ee Agency gua an ees, and
blend concessional inance om he In e na ional De elopmen
Associa ion P i a e Sec o Window o eligible p ojec s.
Successi e ounds o capi al and echnical assis ance b ing p ojec s h ough
he high- isk ea ly de elopmen s ages o he poin a which hey can a ac
p i a e in es men . Ea ly-s age p ojec s may ace poli ical ins abili y,
egula o y unce ain y and easibili y issues, which aise p ojec isks.
Aligning in e es s among mul iple s akeholde s, including go e nmen s and
p i a e in es o s, can also be challenging. In as uc u e p ojec s o en
equi e signi ican ime o each inancial close and implemen a ion. By
phasing capi al and echnical assis ance con ibu ions, In aVen u es
mi iga es i s exposu e o hese isks.
ODI Repo
38
In aVen u es has wo ked on he de elopmen o 46 p ojec s since i s launch
in 2007, o which 33 ha e been exi ed wi hou eaching implemen a ion
s age, 7 ha e eached inancial close and a e unde implemen a ion and 11
emain unde de elopmen – demons a ing he long p epa a ion imes and
low success a e o in as uc u e p ojec de elopmen . Ne e heless,
In aVen u es has mobilised $2.65 billion o p i a e p ojec inancing o e his
pe iod.
To accommoda e his, DFIs may in es equi y in mul iple anches
linked o he achie emen o pe o mance miles ones. Fo example, in
he case o G idwo ks, which is unde aking he ime-in ensi e p ocess
o de eloping powe dis ibu ion p ojec s in coun ies whe e he e has
been li le o no p io p i a e in es men in dis ibu ion, BII has se clea
a ge s and igge s ha guide G idwo ks’ p og ess. This me hod
ensu es ha he pla o m’s go e nance, eam size, inancing
objec i es and suppo le els e ol e in alignmen wi h in es men
ac i i ies. Fu he , by adjus ing he emune a ion s uc u e o senio
managemen as he pla o m g ows, G idwo ks a oids c ea ing
incen i es ha migh p ema u ely inc ease o e head unde he guise
o necessa y g ow h. Se ing ou a phased app oach equi es a
ealis ic assessmen o he ime equi ed o ge o scale ha helps
ocus eam e o s and manage expec a ions.
As an inno a i e en u e, MedAccess ook wo yea s om ini ial idea
o es ablishmen , s a ing as a concep be ween he UK Fo eign,
Commonweal h and De elopmen O ice (FCDO) and BII. BII had o
na iga e ex ensi e in e nal p ocesses o app o e his a ypical, long-
e m in es men in a lesse -known sec o . As i was es ing a new
business model, managing expec a ions was c ucial, wi h he
unde s anding ha success was no gua an eed and impac would be
isible only eigh o so yea s la e . Con inuous in e nal ma ke ing and
se ing ealis ic objec i es ega ding deal low and inancial
pe o mance was essen ial. MedAccess pi o ed o p io i ise inancial
sus ainabili y and expansion in o new ma ke s. As he ini ial business
model o co e ing cos s h ough ees and in es men income did no
pan ou , MedAccess hen pi o ed owa ds a blended inance model,
mobilising concessional unds o imp o e i s inancial sus ainabili y.
Box 10 Concessional inance
In some cases, he DFI equi y comes wi h he same inancial isk and e u n
expec a ions as i s egula in es men s. In o he cases, DFIs a e willing o
ake mo e isk and/o accep a lowe expec ed inancial e u n in o de o
achie e he in ended de elopmen impac . In he case o pla o ms in ended
o de elop sub-p ojec s o in es men , DFIs may be willing o accep lowe
e u ns a he pla o m le el in o de o gene a e in es ible oppo uni ies wi h
highe e u ns a he sub-p ojec le el. DFIs can also a ac concessional
capi al om hi d pa ies alongside hei own comme cial capi al, in a blended
inance s uc u e, bo h a he holding company le el and in sub-p ojec s.
Among he cases examined, MedAccess and G idwo ks use concessional
capi al a he en u e le el. Howe e , he c ea ion o pla o ms and JVs o e s
new oppo uni ies o blending concessional inance, a bo h he pla o m and
ODI Repo
39
sub-p ojec le el. Concessional unding can also be used o pa allel
echnical assis ance and p ojec de elopmen acili ies ha suppo sub-
p ojec de elopmen (e.g. Clima e In es o One – see Box 6) o p o ide
assis ance o sub-in es men s by he pla o m (e.g. he inancial ins i u ions
ha Able No dic in es s in can access echnical assis ance om a acili y
unded by he No wegian Agency o De elopmen Coope a ion (No ad)).
5.3 Asse acquisi ion and e enue gene a ion
A key challenge o new en u es is building up business and ope a ing
asse s on which o ea n e enue. S a ing wi h a se o exis ing
e enue-ea ning asse s can accele a e he p ocess o he en u e
achie ing inancial sel -sus ainabili y. Some en u es ha e included
exis ing asse s ans e ed by JV pa ne s. This can p esen alua ion
issues bu has he ad an age o p o iding he new en u e wi h a s ock
o asse s om day one, on which i can ea n income o inance i s
ongoing ope a ions. Fo example, Me i o con ibu ed wo ope a ing
wa e p ojec s o he AWID wa e in as uc u e de elopmen JV wi h
BII. The DP Wo ld–BII JV o in es in A ican po s also ocused ini ially
on he expansion o exis ing po asse s owned by DP Wo ld. AFIP
was also o med wi h he acquisi ion o G een Resou ces, an exis ing
o es y i m.
Whe e he pla o m is ying o inno a e and de elop a new business
segmen , he e may be no exis ing asse s wi h which o launch he
business. In such cases, he DFI will ha e o commi o a longe
incuba ion pe iod, du ing which i p o ides addi ional suppo such as
co e ing ope a ing cos s, p o iding suppo se ices and suppo ing
business de elopmen e o s. Fo example, G idwo ks’ ini ial
incuba ion pe iod p o ided i wi h a s ong pipeline o asse s. Simila ly,
MedAccess was ini ially incuba ed by BII un il i had a i s se o
ansac ions o inance. In he case o GIP, BII played an ac i e ole in
und aising and managemen p io o he launch o he Ghana und,
which helped i make i s i s loans soon a e i s launch. I will ake
some ime o he loan po olio o ma u e and e lows become
a ailable o inance new loans.
5.4 Fu u e g ow h and exi s
When selec ing a legal en i y o he en u e, i is impo an o conside
bo h u u e capi al equi emen s and exi op ions. The open-ended
s uc u es in ol ed in LLCs and pe pe ual unds aise he ques ion o
whe he and how DFIs can exi om hese s uc u es. The e a e
se e al easons why hey migh wan o exi :
• The pla o m is no deli e ing i s expec ed impac s, o is no
inancially sus ainable.
ODI Repo
40
• The pla o m is succeeding and is inancially sus ainable, and
con inued DFI in ol emen is no needed o sus ain i s ope a ions
and impac .
• They wan o make space o p i a e in es o s o ake con ol o he
pla o m, so con ibu ing o long- e m p i a e engagemen in he
sec o /coun y.
Some pla o ms ha e clea sunse s a egies de ined in ad ance; in
o he cases, his is less clea . In p inciple, DFIs can sell hei equi y in
companies and pe pe ual unds, bu in p ac ice his equi es inding
o he in es o s willing o buy, o he en u e o gene a e enough
cash low o buy back i s equi y, and equi es a de e mina ion o he
alue o he equi y s ake. As wi h o he unlis ed companies and unds,
his can be challenging. Fo example, BII aims o sell down i s equi y
s ake in GIP only a e 10–15 yea s. In he case o SN Powe , S a k a
exi ed he join en u e by selling i s sha es o No und in 2017. As sole
owne , No und hen sold he company o No wegian enewable
ene gy company Sca ec in 2020 (see Box 5).
In some cases, i may be possible o iden i y in es o s in e es ed in
buying ma u e asse s and p e-a anging sales o asse s o hem. This
is he app oach aken by Ene g id, a BII–No und pla o m ha
gene a es ansmission and powe s o age p ojec s in India (Box 11).
Box 11 Ene g id
No und and ecen ly announced he o ma ion o Ene g id, a pa ne ship
wi h India G id T us (IndiG id), o de elop g een ield ansmission and
s andalone ba e y ene gy s o age sys em p ojec s.
India’s elec ici y g id is domina ed by coal (58%). To deca bonise, he
coun y mus econ igu e i s g id away om his o ic ene gy cen es owa ds
loca ions o enewable powe gene a ion and build ene gy s o age capaci y
so ha enewable ene gy supply can be ma ched wi h demand. The
Go e nmen o India has es ima ed ha , o each i s goal o 500 GW o
enewable elec ici y by 2030, cumula i e in es men o $30 billion would be
needed in o na ional ansmission in as uc u e. IndiG id is an in as uc u e
in es men us (InVi ), which means i acqui es ansmission in as uc u e
asse s a e hey a e ope a ional, which e u ns capi al o p ojec de elope s
and p o ides a yield o i s in es o s. Regula ions cons ain he p opo ion o
i s asse s an InVi can ha e in es ed in p ojec s unde cons uc ion o 10%.
This means ha , despi e being a lis ed en i y wi h a ma ke cap o a ound
$1.3 billion and an AAA c edi a ing, IndiG id aces a igh limi as o how
much capi al i can alloca e owa ds in es men s in new p ojec s.
De eloping and cons uc ing ansmission lines and ene gy s o age acili ies
has high up on cos s and is isky and complica ed. The Indian ansmission
ma ke is oligopolis ic, and he e a e only h ee majo de elope s.
Comme cial in es o s a e wa y o he isks in ol ed and, wi hou pa ien and
isk-bea ing capi al om No und and BII, IndiG id could no ha e c ea ed
Ene g id. The new pla o m will bid o and und upcoming g een ield
oppo uni ies in he Indian ansmission and ene gy s o age sec o , whe e
he e is an eno mous need o in es men .
ODI Repo
47
7 Concluding ema ks
DFIs ace challenges in in es ing in he sec o s and coun ies ha a e
mos c i ical o achie ing hei s a egic goals. They a e he e o e
aced wi h a s a k choice – con inue chasing in es men s in he ew
la ge i ms ope a ing in hese sec o s and coun ies, which a e o en in
compe i ion wi h each o he , o seek o expand he se o i ms by
playing a mo e ac i e ole in new en u e c ea ion.
The expe iences o BII and No und in suppo ing new en u es o e s
insigh s in o bo h he oppo uni ies o DFIs o play a la ge ole and
he limi a ions in hei abili y o do so.
The oppo uni y is ha he cases examined in his epo show ha i
is possible o s a up new la ge en u es and see hem each
ope a ional and inancial sus ainabili y. Unlike p ojec inance, which
inances a single asse , hese pla o ms c ea e open-ended pe manen
ehicles capable o con inuing o gene a e new asse s and new
oppo uni ies o co-in es men , he eby mobilising p i a e capi al.
Mo e impo an ly, hey gene a e knowledge abou he isk/ e u n o
in es ing in sec o s and coun ies ha mos in es o s know li le abou ,
and can p o ide p oo o concep o new business models and
echnologies.
The ope a ional limi a ion is ha se ing up new en u es is demanding
in e ms o DFI inancial and ope a ional capaci y. This can be ha d o
ca e ou in he ace o p essu es o deli e on annual in es men
olumes. Suppo ing new en u e c ea ion equi es isk ole ance, a
long ime ho izon and s a skills and incen i es ha a e di e en o
no mal DFI ope a ions. Building his capaci y equi es an in en o play
a mo e ac i e ole in en u e c ea ion, and a willingness o be a pa ien
in es o .
As he case s udies show, he e is now a ange o s uc u es o DFI-
sponso ed en u es ha ha e p o en i o pu pose o in es ing in
di e en sec o s, and wi h di e en le els o equi y and manage ial
commi men om DFIs. This o e s a menu o op ions o DFIs ha
wish o pu sue new en u e sponso ship. Some o hese s uc u es can
accommoda e mul iple DFIs co-in es ing in a en u e, he eby limi ing
each DFI’s exposu e and manage ial bu den. This may enable mo e
DFIs o pa icipa e han he sole owne ship model would allow.
The co e business o DFIs will con inue o be lending o, and aking
passi e mino i y equi y s akes in, p i a ely sponso ed i ms. Bu he
capaci y o sponso new en u es o e s an impo an addi ional ool
ODI Repo
48
o he DFI oolki . DFIs pu suing his app oach can lea n om he
pionee ing expe iences o BII and No und and can con ibu e o
u he lea ning by expe imen ing wi h hei own app oaches.
The lessons o hese expe iences a e also ele an o a wide ange o
ounda ions and impac in es o s in e es ed in p omo ing lows o
p i a e capi al in o high-impac a eas, bu ha cu en ly ace simila
cons ain s o lack o in es ible oppo uni ies. Family o ices and HNW
in es o s ha e he g ea es eedom o play a mo e ac i e ole in
en u e sponso ship, which could gene a e in es men oppo uni ies
o in es o s seeking impac .
ODI Repo
49
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