IFC Plans Funding Aid to Aloe Equity for Asia Environment Fund

Nov. 28 (Bloomberg) -- The World Bank’s International Finance Corp. unit is planning to provide at least $25 million to a fund managed by Aloe Private Equity that will target clean energy and environmental investments in Asia.

Aloe, which backed renewable energy developer Greenko Group Plc, is seeking to raise as much as 300 million euros for its 10-year fund, according to a summary of IFC’s proposed investment on the lender’s website.

IFC will invest the lesser of $25 million or 20 percent of total commitments, it said.

Aloe expects the fund to invest in eight to 10 companies in fields such as waste management, recycling, water and energy efficiency that want to expand into Asia, Vivek Tandon, co-founder and general partner of the Mauritius-based company, said in a May interview.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net