We’re delighted to have been awarded a P4G (the Partnering for Green Growth and Global Goals 2030 Initiative) scale-up grant and partnership from the national Danish P4G platform for the company’s continued efforts to mobilise system change within the insurance industry and allow underwriters to pursue sustainable development.
- The P4G grant will enable Parhelion and its partners to develop “GeoFutures GreenInvest” – a vehicle to mobilise insurance underwriting capital to de-risk sustainable investment opportunities
- Parhelion will progress its GreenInvest platform – a dedicated insurance capital vehicle
- GeoFutures – an investment fund to de-risk geothermal projects in east Africa
The P4G scale-up grant accelerates, funds and recognizes innovative public-private partnerships driving green growth. Through a partnership with various businesses, governments and environmental foundations, Parhelion created “GeoFutures GreenInvest”, which means the company can now focus on developing breakthrough insurance solutions in support of the United Nation’s Sustainable Development Goals.
The scale-up grant of up to $1m will enable Parhelion to progress its GeoFutures Fund which will offer innovative insurance solutions to de-risk geothermal investment opportunities by deploying sustainable capital from private sector insurance.
As part of the solution, the partnership will establish an investment fund to provide sustainable development loans and a premium finance facility to early stage geothermal project developers. Additionally, a specialist underwriting vehicle will be established and capitalised to offer innovative insurance underwriting solutions for the sustainable investment sector.
Countries such as Ethiopia and Kenya have an enormous and yet untapped geothermal power energy. There is a growing demand for affordable, clean energy access, but high risk and high capital costs associated with developing geothermal resources act as a significant investment barrier.
The P4G grant and partnership will also enable Parhelion’s GreenInvest blended finance platform, which will mobilise insurance underwriting capital to de-risk sustainable investment opportunities. By using the power of insurance underwriting capital to assume the risk which debt and equity providers are unable or unwilling to take, the partnership seeks to mobilise private sector capital in both these countries and beyond.