SAI Recognised Globally For Pioneering Climate Finance Structure Supporting Emerging Markets

The deal underscores South Africa’s growing influence in global blended finance and sets a new benchmark for innovation in emerging markets.

Named “In-house Team of the Year for Corporates”, SAI collaborated with legal partner Bowmans on the award-winning structure, which was also shortlisted for “Deal of the Year”.

At its core is an innovative bridge loan supporting Climate Fund Managers’ Climate Investor Two platform. Backed by the EU guarantee and refinanced via a long-term climate bond, the structure opens scalable access to climate-aligned infrastructure.

Legal innovation recognised on the global stage

The IFLR nomination recognises the legal structuring complexity of the deal, which successfully blended public-sector guarantees with private capital markets in a manner that enhances investor protection while unlocking capital for climate adaptation.

The transaction demonstrates how South African institutions can lead in designing globally relevant climate-finance solutions – particularly for emerging markets that face the most acute climate risks. The deal also signals growing influence in shaping climate-aligned capital structures that are both commercially viable and developmentally impactful.

Structured for scale and impact

Rob McJannet, chief executive officer of Sanlam Alternative Investments said, “We are incredibly proud of the team behind this historic transaction. It was no simple feat, and deserves the recognition afforded by our industry peers and the IFRL.

"The bridge loan facility provided by Sanlam Alternative Investments and supported by the European Commission guarantee will later be refinanced through a climate bond, opening institutional fixed-income markets to CI2’s diversified portfolio of adaptation-focused infrastructure projects – which are at the heart of our purpose as a business.”

McJannet added, “This mechanism allows investors to access the fund’s underlying asset base while maintaining the hallmark of Sanlam’s infrastructure platform: robust governance and disciplined risk management.”

Mark Moorhouse, Executive Head: Infrastructure Finance at Sanlam Alternative Investments, commented, “This transaction reflects our conviction that commercial success and climate resilience can, and must, go hand in hand. By backing CI2, we are enabling infrastructure that directly improves lives and addresses the climate challenges faced by emerging markets.”

African impact at scale

Since its first close in 2021, CI2 has committed approximately $339m to 25 projects across emerging markets.

Projects include:

• Waste-to-energy platforms in Sierra Leone and South Africa
• Water supply and distribution in Vietnam and the Philippines
• Desalination initiatives in Thailand and Kenya
• The world’s largest debt-for-nature swap in Ecuador

CI2 is now recognised as the largest climate-adaptation infrastructure fund dedicated to emerging markets, spanning Africa, Asia and Latin America.

The bridge facility lays the foundation for further institutional participation in climate-resilient infrastructure, reinforcing South Africa’s leadership in adaptation-aligned finance.