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HomeAfricaThird Phase of Climate Finance Accelerator Peru Adds Six New Projects

Third Phase of Climate Finance Accelerator Peru Adds Six New Projects

20 February, 2024 – The projects come from the waste, water, fisheries, manufacturing and agriculture, forestry and other land uses (AFOLU) sectors and, if financed, will benefit communities across Peru.

A key barrier to climate action is the limited supply of projects capable of attracting the financing and investment needed to implement large-scale solutions.

Each business will receive one-to-one support and advice from financial and technical experts to strengthen their projects and increase their chances of attracting investment. This includes advice on financial models, how to prepare pitch materials and how to enhance the gender equality and social inclusion (GESI) aspects of projects.

A final event, to be held in Lima in May, will allow the projects to receive detailed advice from investors before they give a final presentation to the investors present. The final event is an opportunity for project developers to make valuable connections with potential investors.

UK Ambassador to Peru, Gavin Cook, said:

It is fiercely exciting to meet the seven innovative Peruvian businesses joining the CFA this year. We are committed to helping establish long-term access to finance for these sorts of projects and providing specific expertise and advice over the next few months.

Harnessing and empowering the private sector is vital to tackle the climate emergency in Peru and we will be a solid partner.

By bringing together stakeholders who can develop and finance climate projects at scale, the CFA will support Peru’s efforts to meet the priorities set out in its Nationally Determined Contribution under the Paris Agreement.

Natalie Rona, Climate Finance Coordinator from CFA Peru’s delivery partner Libélula said:

The CFA Programme offers the opportunity for projects with emissions reduction potential to strengthen their value proposition and improve their financing opportunities. We are very excited to start work with this new cohort, which in turn allows us to dream of ever more ambitious national climate action.

The six projects selected for this third phase are:

  1. Bio Natural Solutions – BNS, a biotech company, specializes in organic food preservation using patented processes to extract antimicrobial compounds from fresh agro-industrial waste, offering chemical-free solutions that effectively replace post-harvest waxes and fungicides. Targeting fresh fruit exporters, the revenue model focuses on B2B sales to the agro-industrial sector, supported by key partnerships with fruit importers who endorse the efficacy of its preservation products.

  2. Blume – At Blume they aim to monitor marine resources using robotics and AI. Their technology will not only help fishing companies to be more efficient in locating anchovy shoals by reducing operating costs and increasing their catches, but will also allow them to protect marine ecosystems and resources.

  3. Ecoproducts – STARI YAQUA is an innovative technology that transforms wastewater into clean water, compost and protein-rich insect biomass. Our main customers are companies and industries that generate wastewater and require our wastewater treatment services, compact wastewater treatment plants (STARI BOX) and turnkey plants to comply with the maximum discharge values to the sewage system or to the environment according to current environmental regulations.

  4. Gualca Seed – This initiative aims to increase the use of quality seed by creating partnerships with government and agribusiness companies. We seek to provide affordable, high quality hard yellow maize (MAD) seeds. These seeds cost 70% less compared to imported seeds, which not only lowers upfront costs for farmers, but also significantly improves their productivity.

  5. Nanoinventa – NANOINVENTA’s graphene water filter offers an innovative solution to a global problem: heavy metal contamination of water. The filter is capable of removing 98% of heavy metals from water, making it a more effective solution than traditional methods.
    The filter is designed for use in effluent and wastewater treatment plants. It is a cost-effective and sustainable solution that can help protect the environment and improve public health.

  6. Textil del Valle – The project aims to establish a polyester plant in Peru, converting PET plastic from bottles into recycled polyester yarn for the textile industry, contributing to sustainability. With an effective capacity of 1,250 tons of garment/year, the project capitalizes on the growing demand for sustainable fashion products, projecting an annual cash flow of USD 1.9 million and an IRR of 20.5%, leveraging Textil del Valle’s capabilities for execution and distribution.

Notes

  • The Climate Finance Accelerator (CFA) is a £11.8 million technical assistance programme funded by International Climate Finance (ICF), through the UK Government’s Department for Energy Security and Net Zero (DESNZ). The CFA is implemented in ten countries (in addition to Peru, it operates in Colombia, Egypt, Mexico, Nigeria, Pakistan, South Africa, Türkiye, Uganda and Viet Nam) and is working to develop a sustainable pipeline of bankable, low carbon projects in each country. The CFA is part of the UK’s efforts to support climate action on a global scale, facilitating access to finance and helping governments achieve climate targets under the Paris Agreement. The UK government has announced up to £40 million to extend the CFA programme from late 2024 until 2029. This will support up to 750 low carbon projects in up to 16 countries across Asia, Latin America, and Africa.

  • Libélula is a consulting firm founded in 2007 in Peru that specializes in climate change management and communication. Libélula works closely with a wide range of public and private actors at local, regional and international levels to identify risks and opportunities in the face of climate change in order to inspire and deliver solutions at all levels towards a low-carbon, resource-efficient and climate-resilient future. Libélula has capabilities in the management of international cooperation funds, international climate change negotiations, climate finance and the generation of synergies between key climate change actors at the national and international level. Libélula has contributed greatly to engaging the private sector on environmental issues in Peru and throughout Latin America, and has led mass communication campaigns, organized workshops and trainings, as well as key events, including InterClima in 2012 and 2013, and Nexos + 1 annually from 2015 to the present.

  • The global CFA program is delivered by PwC UK, in partnership with Ricardo.

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