Solar panels in dirt field
Solar panels in dirt field

What we do

UK Climate Investments

Promoting green energy growth in emerging economies

UK Climate Investments LLP (UKCI) was established in 2015 with a binding commitment of £200 million from the UK Government's International Climate Finance funding. Targeting transformational green energy1 investments in some of the world’s most carbon intensive economies, UKCI identifies opportunities where its capital can mobilise additional private sector capital on a sustainable basis to promote green energy growth in these emerging economies.

UKCI invests on commercial terms, making minority equity investments of typically c. £10-30 million into renewable energy and energy efficiency projects and platforms.

With a geographic focus of India and Sub-Saharan Africa, UKCI is working closely with its investment partners to develop, build and operate green energy infrastructure in areas with limited access to electricity.

UKCI is a joint venture between Macquarie Asset Management's Green Investment Group (GIG) and the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS). UKCI's funding is now fully committed.

UK Climate Investments projects2


Supporting the build-out of green energy infrastructure

UKCI partnered with one of the UK’s leading solar developers on its first project in India – the greenfield development of a 50 MW solar farm in Wagdari, Maharashtra.

In addition to exporting the UK’s industry-leading development, construction and operations expertise, the project is powering the equivalent of ~75,000 homes with renewable electricity each year.


Driving innovation in India’s renewables sector

UKCI co-invested in a 185 MW portfolio of solar farms across India. Built in regions highly dependent on fossil-fuel based generation, the portfolio will help avoid ~330ktpa of CO2 emissions over their operational lives and power approximately ~315,000 homes each year.

The portfolio was also used to establish the first offshore renewables strategy of its kind in India, marking a significant development in one of the world’s fastest growing solar markets. 

Sub-Saharan Africa

Green finance market development

In 2019, UKCI announced that it would act as a cornerstone investor in a vehicle seeking to accelerate the installation of renewables capacity in sub-Saharan Africa.

UKCI’s commitment intends to help renewables developers unlock and recycle capital in established green energy projects. 

In 2022, UKCI made a follow-on commitment to this innovative vehicle to support its further growth.


Promoting green energy growth

UKCI is helping commercial and industrial businesses across India rethink how they produce and consume electricity by helping CleanMax Solar expand its network of private solar and wind farms. 

CleanMax Solar partners with businesses to build new renewable energy projects – enabling businesses to access renewable, cheaper-than-grid electricity by removing the need for significant upfront capital investment. 

South Africa

Supporting South Africa’s transition to a new energy mix

UKCI provided critical financing to support the development of 254 MW of renewables projects across South Africa.

The projects are being supported through an innovative funding mechanism designed by UKCI to support Black Economic Empowerment entities. Now completed, the projects are powering the equivalent of ~200,000 homes each year.


Financing the construction of affordable green housing

UKCI intends to invest up to £30 million in order to finance the construction of affordable green housing in Kenya.

By demonstrating the viability of environmentally sustainable building design, UKCI’s commitment will help embed green standards in the Kenyan market and create a new green asset class for local institutional investors.

South Africa

Partnering to deliver 700 MW of greenfield onshore wind

UKCI, together with Norfund, has financed a joint venture between two Black Economic Empowerment (BEE) accredited South African Independent Power Producers (IPPs) to develop 700 MW of onshore wind in South Africa.  This portfolio of projects, sponsored by Enel Green Power, was developed successfully notwithstanding the challenges of the Covid-19 pandemic and is now delivering much needed renewable electricity to the South African grid.

The portfolio will make annual social investments into historically disadvantaged local communities, continuing a strong emphasis in this investment on enhancing Black Economic Empowerment which includes the financing instrument developed by UKCI and working with UKCI’s local IPP partners.

1. Further information on how we define 'green energy' can be found here.

2. Further information on how we calculate emissions avoided or equivalent homes powered can be found here.