ARM-Harith launches Urban Climate infrastructure fund for West Africa
ARM-Harith Infrastructure Investments Limited, a Mauritius-regulated infrastructure fund manager and parent company of ARM-Harith Infrastructure Investment Limited Nigeria, is to launch the ARM-Harith Cities and Climate Transition Fund (The ACT Fund).
The ACT Fund is part of ARM-Harith’s broader climate finance platform and will invest in urban climate infrastructure solutions with an initial focus on renewable energy, urban mobility, water, and waste. This USD250 million-target fund is being designed in collaboration with the Global Innovation Lab for Climate Finance, a public-private partnership initiative funded by the Dutch, German, Swedish, and UK governments, as well as the Rockefeller Foundation. The platform will enable ARM-Harith leverage on its relationships with regional pension funds and International DFIs to mobilise international capital and domestic pension savings into infrastructure which supports a low-carbon future.
Urban infrastructure built over the next decades to accommodate economic growth will largely determine whether the world locks in a high-emissions, non-resilient future or reaches global sustainability goals. Private sector investment is crucial to meeting this need to complement public budgets, hence the launch of The ACT Fund which is a blended finance instrument to unlock finance for low-carbon, climate-resilient development that tackles private investment barriers.
ARM-Harith has invested in robust Environmental, Social, Governance and Climate metrics measurement/criteria assessment to attract long term sustainable investment capital. To fulfil its greater ambition to facilitate and finance a transition to sustainable, climate resilient and low carbon economies for West African cities, ARM-Harith is building strong climate finance credentials anchored on West Africa’s specific needs. ARM-Harith will be working with its relevant stakeholders to ensure long-term sustainability of its investments in alignment with the Sustainable Development Goals.
Tariye Gbadegesin, Chief Executive Officer at ARM-Harith, says: “We are thrilled to build on the track-record of our first fund ARMHIF 1 to establish a broad-based climate infrastructure investment program in partnership with global financial institutions to mobilize climate finance to West Africa and importantly, Nigeria”.
“As we continue to embrace sustainable investing across the ARM Holding Company group, we are pleased to partner with ARM-Harith as one of its consortium members in achieving the broad ESG strategy of the ARM Group,” says Jumoke Ogundare, Group CEO of ARM.
Alwyn Wessels, Deputy CEO of Harith General Partners, says: “Harith as a partner with and investor in infrastructure funds across Africa is excited by the prospects of The ACT Fund and the potential for the fund to promote real climate action in West Africa. “