Pimco Kickstarts UN-Backed African Green Energy Drive
- UN program designed to develop renewable power in Africa
- The transaction is first deal to close in the program
This article is for subscribers only.
Pacific Investment Management Co. has agreed to lend a South African state development bank 3-billion rand ($210 million), the first deal in a United Nations program to fund green energy in Africa.
The debt securities from Pimco, which manages $2.2 trillion in assets, will be used to refinance debt that South Africa’s Development Bank of Southern Africa has in renewable projects, with the funding to go toward investing in additional capacity.