Firm to provide assistance on a pro bono basis around design and implementation of the guarantee program
Clifford Chance has partnered with Greenmap (Global Renewable Energy Mass Adoption Program) to provide advice and assistance on a pro bono basis in respect of the design and implementation of the International Guarantee Trust Fund for Renewable Energy (iTrust), which officially launched at COP26 in Glasgow on November 4.
Greenmap is an independent non-profit organization that aims to accelerate deployment of renewable generation in developing economies by directly supporting governments in the design and implementation of stable regulatory frameworks, competitive procurement processes, and new financial and credit enhancement tools.
Meanwhile, iTrust is intended to become a bridge between the growing availability of environmental, social, and governance (ESG)-driven capital and the need to develop renewable energy generation at scale to make energy transitions accessible for all.
With funding to be provided by donors, governments, multilateral and bilateral agencies, institutional investors, financial institutions, and other sources, the iTrust will be set up with the specific purpose of providing program-based guarantees to all renewable energy projects awarded through public auctions by emerging countries that meet certain eligibility criteria.
"Supporting the growth of renewable energy sources is one of the pillars of Clifford Chance's energy transition initiative, and we are therefore delighted to be working with Greenmap on the design and implementation of a guarantee program to facilitate the deployment of renewables on a large scale, which is a must on the path to net zero,” said Fabricio Longhin, energy and infrastructure partner and Latin American practice head at Clifford Chance.