Impact, measured at the meter
Every company we back must cut its customers' energy cost or emissions. We set the baseline before we invest, check savings at customer sites and report the results every year.
A condition of every investment
No investment goes ahead without a measurable cut in customers' energy use, energy cost or emissions.
Our companies sell energy software, efficiency, storage and finance to businesses. Their customers use less grid power and pay less for it, and the savings lift margins at firms that go on to grow and hire.
Each investment memo records a baseline for every impact KPI and a five-year target. Companies report against those KPIs from our first check, so later investors receive checked impact data alongside the financials.
Impact also sets the partners' pay. Part of our carried interest is paid only if the portfolio reaches its targets for energy saved, emissions avoided and new access for small businesses.
Our KPIs align with five UN Sustainable Development Goals
- 5Gender equality
- 7Affordable and clean energy
- 8Decent work and economic growth
- 9Industry, innovation and infrastructure
- 13Climate action
How we measure
We use the protocols that energy engineers and auditors already use.
- Energy saved
- Measured against each customer's 12 months of billed consumption, following the International Performance Measurement and Verification Protocol (IPMVP).
- Emissions avoided
- Energy saved multiplied by each country's official grid emission factor. Mexico's 2024 factor is 0.444 tCO₂e per MWh, published by SEMARNAT.
- Site audits
- ASHRAE 211 and ISO 50002 for audits, and IPMVP and ISO 50015 for savings.
- Independent review
- An independent reviewer checks the energy and emissions figures in years three and five.
What every company reports
Eight KPIs, six mapped to IRIS+. Each has a baseline at entry and a five-year target in the investment memo.
| KPI | IRIS+ | Reported |
|---|---|---|
| Business customers served, and the share that are MSMEs | PI9652, PI4940 | Quarterly |
| Energy saved at customer sites (MWh a year) | PI7623 | Quarterly |
| Greenhouse gas emissions avoided (tCO₂e a year) | PI5376 | Annual |
| Customer energy cost savings (USD a year) | Not yet mapped | Annual |
| On-site solar and storage managed or financed (MW) | PI0915 | Quarterly |
| MSMEs in Central America and the Caribbean with new access to clean energy or efficient equipment | PI2575 | Quarterly |
| Direct jobs at portfolio companies, and the share held by women | OI8869 | Annual |
| Capital raised by portfolio companies after our first check | Not yet mapped | Annual |
Gender lens
Every investment memo scores the company against the 2X Criteria. Where a company falls below the threshold, the term sheet carries a gender action plan. Every company also adopts a policy on gender-based violence and harassment, with a grievance channel.
Companies report workforce, management and customer data by gender each quarter. We also track women in senior management and founders who identify as Afro-descendant or Indigenous.
Environmental and social standards
Our environmental and social management system adopts the IDB Group exclusion list and applies the IFC Performance Standards where relevant. Mike Purnell is the responsible officer.
We screen every company for money-laundering, sanctions and corruption risk under U.S. and Mexican law before we invest.