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RENEWABLES Chase will establish intermediate emission developer Husk Power
targets for 2030 for its financing portfolio
JPMorgan Chase adopts and begin communicating about its efforts in Husk Power Systems, a Bihar-based off-grid
2021. The Firm will focus on the oil and gas,
renewable energy start-up, has received
Paris-aligned financing electric power and automotive manufacturing $5-million funding from Dutch development
sectors and set targets on a sector-by-sector
bank FMO, the company said in a press
commitment basis. The Firm is launching the Center for release on Tuesday.
“We are honored to have FMO as an
Carbon Transition (“CCT”) to provide clients
JPMorgan Chase is adopting a financing in the Corporate & Investment Bank and investor and partner in Husk Power. Not only
commitment that is aligned to the goals of the Commercial Banking with centralised access will the investment be a catalyst for Husk to
Paris Agreement. to sustainability-focused financing, research achieve its ambitious mini-grid roll-out plan,
“Climate change is a critical issue of our and advisory solutions. The CCT will also it gives us a partner with deep knowledge
time. The goals set in the Paris Agreement are engage clients on their long-term business and experience in scaling innovative energy
commendable and ambitious, but the world is strategies and related carbon disclosures. The technology companies like Husk Power
not on track to meet them,” said Daniel Pinto, group will be led by Rama Variankaval, a to focus on promoting productive uses of
co-President of JPMorgan Chase and CEO of Managing Director and 18-year veteran of the energy,” said Manoj Sinha, chief executive
its Corporate & Investment Bank. Firm who also continues to lead J.P. Morgan’s officer, Husk Power.
“While the world has a long way to go, we Corporate Finance Advisory team. The power company operates renewable
at JPMorgan Chase want to do more. That “The transition to Paris-alignment will energy mini-grids in Asia and Africa.
means working with clients, policymakers and require big ideas, technology innovation and The $5mn investment from FMO, was
advocates to transition our economy and turn financing,” said Rama Variankaval, Head of deployed from its Infrastructure Development
the goals of Paris into a reality.” the Center for Carbon Transition, JPMorgan Fund, followed by a $20mn investment
The bank is to create a new Center for Chase. “This group will enable us to leverage in 2018 by Shell, Swedfund, and ENGIE
Carbon Transition that will help clients the best of our expertise and resources across Rassembleurs D’Energies.
navigate the challenges and capitalise on long- the Firm to help all our clients thrive in a low- Keesjan de Kruijf, principal investment
term economic and environmental benefits of carbon future.” officer, FMO, said that the bank considers
a low-carbon world. JPMORGAN CHASE mini-grids as the key to unlocking a successful
The firm aims to achieve operational rural distributed energy sector, both off- and
carbon neutrality from 2020. under-the-grid, as it brings affordable and
The Paris Agreement aims to hold the MINI- GRIDS reliable clean power to MSMEs and residential
increase in global average temperature to well customers in rural areas in developing
below 2 degrees Celsius above pre-industrial Dutch FMO invests $5mn markets.
levels, and ideally, to 1.5 degrees Celsius – “Husk’s relentless drive for cost efficiency
which would require the world to achieve in Bihar-based mini-grid and customer centric business model ensures
net-zero emissions by 2050. it is able to position itself both competitively
As part of its commitment, JPMorgan and profitably, both of which are key enablers

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