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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Deetken Impact
Sustainable Energy

Total Assets Under Management: $50 – 99M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Clean Technology, Alternative Energy & Climate Change
Small/Medium Business Development

Firm Overview

Category: Real Assets - Infrastructure

Deetken Impact Sustainable Energy (DISE) is led by CEO Fernando Alvarado. DISE has an extensive regional network of key stakeholders in Central America and the Caribbean, nurtured over 20 years of investment experience in clean energy, energy efficiency and project finance in the region. DISE staff are based in Costa Rica, Jamaica, Honduras and Canada. 

DISE has partnered with Honduras-based technical advisor Pedra Clau for the provision of due diligence, social and environmental assessment services for DISE managed funds.  

DISE is also supported by its partnership with Deetken Impact, a Canadian impact asset manager which owns a 49.9% stake in DISE. Deetken Impact has a 10-year track record of investing in women’s empowerment, clean energy, and social enterprises in Latin America and the Caribbean.

Firm Headquarters: US & Canada
Years of Operation: 3 – 4 years
Total Assets Under Management:
$50 – 99M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

We provide equity and mezzanine financing to small and mid-sized sustainable energy and energy efficiency projects in Central America and the Caribbean that make and meaningful contribution to the Sustainable Development Goals and deliver solid financial returns to investors.

Investment Overview:

The investment strategy of the Funds is to invest by way of subordinated debt, preferred equity and common shares in sustainable renewable energy, energy efficiency and distributed generation projects and SMEs that can deliver triple bottom line impacts and contribute to the SDGs. Although technically two funds, the Funds co-invest as one investment vehicle into the same opportunities, with some differences in geographic concentration. The Funds are building a geographically diversified portfolio of 25-30 such projects and companies with a mix of grid- connected (target: 50%) and off-grid (target: 50%) solutions, including energy efficiency opportunities. The Funds focus on bankable, construction-ready projects or companies and do not take predevelopment or development stage risk. The Funds target gross returns of 15-18% per year with target net returns to limited partners (LPs) of 10-12%, with an investment horizon of 13 years (6-year investment period followed by 7-year management and divestment period).

Company Differentiator:

Our competitive advantage is not that we have figured out something that no one else has. It is our level of commitment and focus. We have local presence, we understand the local culture in the markets where we operate and we have a deep network of key stakeholders. We have substantial experience and positive reputation in the region, investment know-how to quickly separate the good investment opportunities from the not so good ones, proper structure (including team, investment procedures, controls, and resources), and passion for what we do.

Investment Example

Panasolar is a new 12MWp grid-connected plant located in Coclé, Panama recently built. The project operates as an Independent Power Producer selling electricity to several large commercial and industrial clients through private power purchase agreements.

This is the first phase of a total development of 30MW+ of clean solar power that will be built over the course of the next three years contributing to the diversification of the country’s generation matrix and bringing progress to the local community of Aguadulce.

In addition to generating 100 direct jobs, mostly for local villagers, the project is supporting important social projects such as infrastructure improvements of the local public school and a potable water tank for the Aguadulce community.

$2,500,000 Investment

$13,000,000 3rd party capital

100 Temporary jobs

6 Permanent jobs

20 GWh of clean energy/year

4,300 tons CO2 displaced per year

Leadership and Team

Cumulative Leadership Experience in Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Fernando Alvarado – Chief Executive Officer More Info

Fernando Alvarado leads the General Partner and Investment Advisor of two clean energy and energy efficiency project finance and venture capital funds: Honduras Renewable Energy Financing Facility (H-REFF) and Caribbean Basin Sustainable Energy Fund (CABEF), which he structured and runs with a combined target capitalization of $100m. Development Investment Banker with 28 years of international credit and investment experience and 18 years of direct experience assessing diversified renewable energy portfolios in Latin America & the Caribbean. He has participated in more than 50 syndicated credit and investment transactions for renewable energy projects in excess of $250 MM. He led the creation, structuring, fundraising, legal closing and portfolio construction of several specialized renewable energy funds.

Alexa Blain – Managing Partner More Info

Alexa is responsible for finance, operations and investor relations at Deetken Impact. She brings over 10 years of experience in financial consulting and asset management, with specific expertise in company and investment analysis, business valuation and securities/corporate finance. Prior to joining Deetken, she spent three years with African Alliance, a pan-African financial services group, where she focused on expanding the firm’s retail financial services operations as well as on the origination and negotiation of new capital. In addition, Alexa has six years of asset management experience with the Canada Pension Plan Investment Board, the Macquarie Group and the Ontario Teachers’ Pension Plan.

Carl Black – Senior Portfolio Manager More Info

Carl is a Portfolio Manager with Deetken Impact focused on analyzing and working with MSMEs, social enterprises, and renewable energy developers in Latin America and the Caribbean. His main responsibilities include supporting business development, managing technical assistance projects, leading investment due diligence, and monitoring portfolio performance. Prior to joining Deetken Impact, Carl worked for five years as a consultant, advising public sector clients an non profits in Canada and financial services companies in Latin America. He started his career at the Bank of Canada, where he researched issues related to household and business credit.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% to less than 50%
Percentage of Management Team who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% to less than 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Conserving land, ecosystems and natural resources
Secondary Impact Outcomes:
Alleviating poverty
Creating jobs
Value-added Services Offered:
Access to markets
Technology training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

We invest only in renewable energy and energy efficiency projects drive impact outcomes that are well-aligned our SDG-aligned impact goals. We also measure the performance of our investments against these goals over time. The key features of our measurement framework are as follows: 

  • Five well-defined impact goals aligned with the SDGs. The Funds target 5 goals within the SDGs: #1 No Poverty, #5 Gender Equality, #7 Affordable & Clean Energy, #8 Good Jobs & Economic Growth and #13 Climate Action.
  • Streamlined set of metrics, aligned with SDG Business Metrics. Where the SDGs set big, broad goals for long-term change, the Business Metrics are used to for measure more specific, near-term results. We selected 29 metrics for the Funds investments.
  • Online questionnaire. We collect the information needed for impact measurement through an easy-to-use online Spanish language questionnaire

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Alexa Blain
Phone: (604) 731-4424
Mailing Address:

175 m Northwest from National Stadium

Rohrmoser Blvd., San Jose, Costa Rica

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