Triodos Emerging Markets Renewable Energy Fund

The fund has sustainable investment as its objective as set out in article 9 of the SFDR. The fund aims to contribute to the clean energy transition in developing countries and emerging economies and offers investors an environmentally and socially sound investment in renewable energy. The fund invests primarily in the form of senior project finance loans in renewable energy such as wind power, run-of-the-river hydropower, solar photovoltaic, mini-grid and off-grid solutions, and energy efficiency. To a lesser extent, the fund invests via equity participations. Loans are enominated in US dollars, euros and local currencies, whereby principal amounts are hedged to a large extent to US dollars. Equity participations are primarily denominated in US dollars. The return of the fund is determined by interest income on the loans and dividend income from participations, minus the costs of managing the fund and by the value changes of the investments, including currency effects. The return of the fund depends to a large extent on the ability of the project to generate clean and affordable energy, and to a lesser extent on the development of lobal energy prices and policy developments of national governments regarding the (renewable) energy sector. The fund is actively managed, but not in reference to any benchmark.