Photo credit: Andrew Browne
Sygnus Capital and RMI Partner to Scale Caribbean Energy Projects under the $100M CARICOM Resilience Fund
Leading Caribbean alternative investment firm and global clean energy nonprofit announce partnership to support CARICOM’s groundbreaking efforts toward realizing a resilient, prosperous future for millions of Caribbean citizens.
Bridgetown, Barbados – January 26, 2023
Following the successful launch of the CARICOM Resilience Fund (CRF), RMI and Sygnus Capital held an official signing ceremony formalizing a partnership to support the fund. The CRF is a $100 million blended finance fund that will unlock private-sector participation across six key Caribbean sectors: renewable energy, clean transport, blue economy, sustainable agriculture, communication technology, and financial services.
As Mia Mottley, prime minister of Barbados and global clean energy champion said during the CRF launch event: “The missing piece of the [resilience] equation is in fact the private sector.” RMI and Sygnus are well-positioned to support the Fund, launched by the CARICOM Development Fund (CDF) in partnership with USAID/Eastern and Southern Caribbean, to address the US$100 billion investment gap that is hindering the Caribbean’s development of sustainable, resilient, and prosperous economies.
Sygnus Capital will function as fund manager and will aid in driving project selection and investor engagement while facilitating close collaboration with stakeholders. RMI will originate, derisk and develop a pipeline of impactful energy and climate investment opportunities. It is estimated that these projects will span across a dozen island nations, benefiting an estimated 12 million Caribbean citizens.
“We take pride in contributing to this cause and overseeing the management of this fund, recognizing its potential to play a pivotal role in addressing climate resilience. Through the Resilience Fund, we see an opportunity to not only address the urgent climate resilience needs of the Caribbean but also to catalyze sustainable economic growth in the region,” expressed Berisford Grey, President, CEO and Co-Founder of Sygnus Capital. “Together, Sygnus Capital and RMI bring a synergy that goes beyond expertise; it’s a shared commitment to building critical resilience in the region.” As an experienced fund manager in the region with three active funds and over US$450 million in assets under management, the Sygnus team brings a deep regional understanding.
“Partnerships like these are central to our focus on radical implementation,” said Ije Okeke, managing director of RMI’s Catalytic Climate Capital initiative. “This is an example of how we partner with experienced asset managers and financial institutions to launch climate strategies that provide critical support to climate vulnerable regions to deliver a just, resilient and equitable energy transition at scale and with speed.”
Building on experience coordinating over 75 percent of all clean energy deal flow in the English-speaking Caribbean, RMI’s support for the Fund aligns with the mission of its recently funded Caribbean project preparation and development facility (PPDF), which aims to develop 350 MW across the region in the next two years. Under the PPDF, RMI supports pipeline origination, project preparation and derisking activities (including engineering, financial and implementation advisory services) and investment due diligence.
For media inquiries, contact:
Elizabeth James, Head of Wealth Management & Client Strategy for Sygnus Capital at (+1) 876-553-9366 or email@example.com
Tierney Sheehan, Communications and Marketing Lead for RMI’s Islands Energy Program at (+1) 858-735-1169 or firstname.lastname@example.org
Sygnus is a leading alternative investment management company in the Caribbean and Latin America, spanning private credit, real estate, and private equity. Sygnus manages Sygnus Credit Investments Limited (SCI) which is listed on the JSE and the largest Private Credit Investment company in the English-Speaking Caribbean. SCI is a pioneering private credit investment company, which offers creative debt financing to middle market businesses across the Caribbean. Sygnus Real Estate Finance Limited (SRF) provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial, or residential). Sygnus Deneb Investments Limited (SDI) invests private equity capital in companies in the form of growth capital, buyouts, and turnarounds. The Sygnus Group also includes Sygnus Capital PR LLC in Puerto Rico, a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. Sygnus also offers its clients Investment Banking and Wealth Advisory.
RMI, founded in 1982 as Rocky Mountain Institute, is an independent nonprofit that transforms global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zero-carbon future for all. We work in the world’s most critical geographies and engage businesses, policymakers, communities, and NGOs to identify and scale energy system interventions that will cut greenhouse gas emissions at least 50 percent by 2030. RMI has offices in Basalt and Boulder, Colorado; New York City; Oakland, California; Washington, D.C.; Nigeria; and Beijing. More information on RMI can be found at www.rmi.org or follow us on Twitter or Facebook @RMICaribbean.
About the CARICOM Resilience Fund
The CARICOM Resilience Fund is a US $100 million fund designed to help address the Caribbean climate resilience investment needs. It offers a unique blended finance structure to unlock private-sector participation and make investments in resilience-focused small and medium enterprises (SMEs) and critical infrastructure projects through flexible debt and equity investments, targeting six key sectors. The structure includes a first-loss tranche that will act as a catalyst, lowering investment risk and attracting crucial private and commercial capital to the region.