Back in the 1990s, Hivos took a bold step: cooperation with a bank. At the time, this was unusual for a development organization, but it made sense because of the resulting Hivos-Triodos Fund (HTF). Its mission is to create a sustainable, inclusive and green economy in emerging markets. The fund invests in scalable organizations, helps develop a financial sector that supports smallholder farmers, and enables access to clean, affordable energy for low-income households and SMEs.

Why early-stage impact investment is needed

Impact investments in early-stage, value-driven businesses are needed to switch to a sustainable, inclusive and green economy. Why? Long-term impact investments create lasting social and environmental benefits as well as economic returns. And there is a strong correlation between the health of the small business community, economic growth, and poverty alleviation. Moreover, small businesses are the engine of employment, contributing up to 85 percent of new full-time jobs in developing countries.

How the fund works

The fund offers financial inclusion and direct investments in SMEs as well as indirect investments through financial intermediaries. It focuses on SMEs in sustainable food and agriculture and (off-grid) renewable energy solutions for low-income households.

Hivos-Triodos Fund aims to address climate change and its consequences, improve livelihoods, and reduce inequalities for lowincome communities and vulnerable groups, especially women and youth. By stimulating the growth of innovative businesses in renewable energy and sustainable agriculture, Hivos-Triodos Fund spurs the transition to a green and inclusive economy.

Judith Santbergen, Fund Manager Hivos-Triodos Fund


Asia, Africa, Latin America

Impact 2023

Since 1994, HTF has invested over EUR 250 million and helped millions of predominantly rural women access financial services. At the end of 2023, the fund’s size (or: AUM, Assets Under Management) was 58.2 million euros. Thirty-seven investments were made in 20 emerging and developing countries.

  • 272,700 households and businesses connected to clean energy
  • 295,300 small-scale farmers reached
  • 133,400 borrowers reached (52% women)
  • 5,279 employees across the portfolio
  • 1,970 kilotons of GHG emissions avoided

Impact Report 2023

Investing in inclusive renewable energy and low-carbon emissions

Hivos-Triodos Fund makes direct investments in off-grid solar solutions, on and off grid clean energy (productive use) solutions, and mini grids for rural electrification. It also indirectly invests through financial intermediaries that contribute to renewable energy inclusiveness. Hivos Triodos-Fund facilitates access to modern energy services in emerging markets in an affordable, reliable and sustainable way.

The investees contributing to this sub-goal of the fund include companies such as Ecozen Solutions, a climate tech company with irrigation and cold storage solutions for agricultural value chains in India; SunCulture, solar irrigation for small-scale farmers in Kenya; Sistema Bio (Global) which provides bio-gas solutions for small-scale farmers; GPS Renewables, a biofuel infrastructure company in India; MyJouleBox provides access to energy solutions in West Africa; PowerGen, a developer and operator of mini-grids in Nigeria, and the most recent addition to the portfolio, WeLight in Madagascar, a builder and developer of solar mini grids.

Period and budget

The Hivos-Triodos Fund was established in 1994.


Hivos and Triodos Investment Management