As is often the case with investment initiatives in the rapidly evolving climate action space, the deal involves a wide cast of characters and a relatively unusual structure.
Nornorm, which has raised €110m from investors including Verdane's Idun impact fund, bases its business model on redeploying office furniture to reduce waste.
'This decarbonisation movement is truly the biggest generational opportunity for the infrastructure asset class that will be in front of us over the next couple of decades,' George Yong says.
The impact investment firm leverages 'complicated government subsidy programmes' in its pursuit of smaller deals, and says it is on track to create 'the largest clean energy portfolio serving low and moderate income communities in the country'.
Bregal Sphere has made its debut with a natural capital investment, putting this 'increasingly important asset class' at the centre of the firm's new impact strategy.