Shire Oak International is a developer and financier of large-scale renewable energy projects in developing countries and emerging economies. Its core mission is to be a global pathfinder in devising, implementing and spreading renewable energy solutions to drive transformational change in the rate of adoption of renewable energy in the developing world.
In line with this mission - as of October 2018 - the company is advancing 3.7GW of renewable energy projects to be operational in the coming 3-5 years. Beyond this initial suite of projects, the company is validating a further potential 5-6GW to be operational by 2030, a total of over 9GW in 13-15 countries. While the projects and country portfolios are different in many ways, they face common challenges.
Shire Oak International aims to provide a suite of development and financing solutions to surmount these challenges in order to bend the emissions curve in globally important energy markets. Innovative blended finance structures, which combine public and private funds, will be deployed.
In the short term, with approximately US$250 million of initial innovative financing, Shire Oak International anticipates catalysing US$ 3 billion in private investment to deliver approximately 3Mt annual carbon mitigation. Over the longer term, benefits – both in the form of global public goods and investor returns – will be considerably greater. Without this kind of private sector approach, the world cannot meet either its climate or sustainable development goals.
For this reason, Shire Oak International intends to be an industry first-mover. It will earn money and generate financial returns for its investors. Yet at the same time, the company will welcome its business model being replicated by others to catalyse industry transformation and expand markets, while promoting broad-based sustainable development in developing countries.
Through the combination of skills and experience of its management team, Shire Oak International is creating partnerships to act at unprecedented scale. The company operates as an agile, entrepreneurial engine that brings together globally-significant public and private sector partners. The company is working with:
• fourteen governments which aim to transition their countries away from fossil fuels, while at the same time need to provide affordable energy for their people;
• six large commercial banks and major investors, some of whom are GCF-accredited, each of whom is seeking bankable renewable energy projects at scale in developing countries;
• two local and international NGOs, who are already engaging with communities and testing innovative approaches;
• one of the world’s largest coal traders, keen to diversify its operations;
• some of the world’s largest EPC providers, building state-of-the-art resilient infrastructures;
• bilateral donors and multilateral institutions, seeking value-for-money approaches to the transition to the low carbon economy.
The company is harnessing these partnerships to: (i) support country-led climate action; (ii) originate and develop rigorous and bankable projects; (iii) develop and deploy innovative blended finance products.
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