Our goal is to offer investors opportunities to create a meaningful social and environmental impact with their capital while also earning a strong financial return. We strategically choose markets where the highest risk-adjusted returns can be achieved alongside significant social and environmental benefits.

Our market selection is driven by three key factors:

When assessing the risk profile of a market, we evaluate the following:

• Stable or Dollarized Currency: The market must have either a non-volatile currency or power purchase agreements (PPAs) denominated in U.S. dollars. Alternatively, the country’s currency should exhibit low volatility with predictable depreciation patterns.

• Regulatory Environment: We target those with established regulatory frameworks for commercial and industrial (C&I) solar or other relevant segments.

• Foreign Investment Feasibility: It is crucial that foreign investments are allowed, and repatriation of profits in the energy sector is feasible.

• Credit Rating: The country should have a COFACE credit rating of C or above, ensuring a manageable level of credit risk.

• Established Developers: We look for the presence of at least two developers in the market with a proven track record, ensuring local expertise and reliability.

For commercial attractiveness, we focus on:

• Minimum Investment Volume: We target markets where projects can achieve Assets Under Management (AUM) of at least $3 million per annum.

• Return on Investment: We aim for a minimum total return of 9% to ensure the financial viability of each project.

Our investments are not just about financial returns—they are also designed to make a tangible social and environmental difference. We target markets that are heavily dependent on fossil fuels such as coal, oil, and gas but have high solar irradiation potential. This makes solar energy a competitive, cost-effective alternative even without subsidies. In regions where energy costs are high, solar projects generate greater cash flow, allowing for better debt servicing and ultimately leading to more profitable investments.

Currently, our core markets include Nigeria, Kenya, Vietnam, India, and Chile. We are also actively working to expand into Colombia, Costa Rica, Brazil, Indonesia, Ghana, and Tanzania. These countries share a common reliance on fossil fuels, but their high solar potential presents an exciting opportunity for impactful and profitable renewable energy investments.

If you’d like to suggest certain markets or specific investment opportunities you’d like to see in the future, head to nolt.io to give us your feedback.

If you have any questions or concerns, we are here to help. Reach out to us at hello@trine.com.