The Blue Green Bank (BGB) (GCF-FP213)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Barbados
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 13, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Pegasus Capital Advisors
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 30.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ GCF website

Updated in EWS Jul 21, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the GCF, the Blue Green Bank will bring together public, private, and multilateral institutions to ensure that green financing for adaptation and mitigation projects becomes and remains available to the local population. The bank will deliver funds, guarantees, and other financial products to support the existing financial ecosystem of banks, credit unions, and insurance companies that facilitate the funding of blue/green climate-responsive programs– in alignment with Barbados’s Nationally Determined Contributions and development plans.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the GCF, Pegasus Capital Advisors is an organisation headquartered in the United States of America that operates internationally. The applicant provides strategic growth capital to middle-market companies operating in the sustainability and wellness sectors and focuses its investment on investments within both the sustainability sector, such as renewable energy, waste and recycling, and agriculture amongst others.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pegasus Capital Advisors Client Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Borrower - Pegasus Capital Advisors:

Address: 750 East Main Street, Suite 600 Stamford, Stamford, United States
Website: https://www.pcalp.com/

Mr. Craig Cogut - Founder, Chairman & CEO
Email: cmcogut@pcalp.com

Mr. Brian Friedman - General Counsel & Chief Compliance Officer
Email: bfriedman@pcalp.com

National Designated Authority - Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment:

The Hon. Mr. Ryan Straughn M.P. - Minister in the Ministry of Finance and Economic Affairs
Address: Government Headquarters Bay Street, St. Michael, Barbados
Phone: +535-5441 / +535-5359
Email: ryan.straughn@barbados.gov.bb

Mrs. Betty Alleyne-Headley - Permanent Secretary, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Address: 3rd Floor East, Warrens Office Complex, Warrens St. Michael, St. Michael, Barbados
Phone: +535-1304 / +535-1326
Email: Betty.Alleyne-Headley@barbados.gov.bb

Mr. Ricardo Marshall - Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Address: Government Headquarters Bay Street St. Michael, Barbados
Email: ricardod.marshall@barbados.gov.bb

Mr. Ronnie Griffith - Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Email: ronnie.griffith@barbados.gov.bb

Ms. Richelle Gaskin - Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Email: richelle.gaskin@barbados.gov.bb

Ms. Sharifa Roach-Vaughan - Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Email: sharifa.roach@barbados.gov.bb

ACCESS TO INFORMATION

Requests for project information may be submitted using the IDP Request for Information by email to: disclosure@gcfund.org.

You can also submit an information request using this online form: https://www.greenclimate.fund/about/disclosure/form.  Additionally, if information requested is denied, an appeal can be filed to the Information Appeals Panel: iap@gcfund.org.  You can learn more about the Information Appeals Panel at: https://www.greenclimate.fund/about/disclosure/appeals.

ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND 

The Independent Redress Mechanism (IRM) addresses complaints by people who believe they are negatively affected or may be affected by projects or programmes funded by the Green Climate Fund (GCF). The complainant can raise issues related to any of GCF’s policies and procedures, including those relating to social and environmental issues, indigenous peoples, gender, and information disclosure, among others. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating problem solving or conducting a compliance process. You can learn more about the Independent Redress Mechanism and how to file a complaint at https://irm.greenclimate.fund/.

You can access a video about the IRM (English) at: https://youtu.be/1LanbriVhfs.

A brochure about the IRM can be accessed in English, French, Spanish, Portuguese, Arabic, Mandarin, Mongolian, Vietnamese, Russian, Ukrainian, Korean, German, and Kiswahili at: https://irm.greenclimate.fund/.

How it works

How it works