Emerging markets and developing countries are facing a dual challenge in the energy transition. These countries are particularly vulnerable to climate change because they lack the financial power to deal with the consequences. At the same time, they need a dependable and affordable energy supply to stimulate further socio-economic development.

Listen to Hans Stegeman and Angeles Toledo discuss the role of private capital in financing renewable energy in emerging markets.

Hans Stegeman and fund manager Angeles Toledo took the occasion of Finance Day to discuss the business case of financing renewable energy in emerging countries:

  • What is the relation between public policies and private money?
  • What makes investing in renewable energy in emerging markets attractive for private investors?
  • How to deal with the risks of investing in emerging markets?
  • What are typical projects that Triodos Investment Management invests in?
We need public money to catalyse developments and mitigate risks. Private money can then join in and expand and accelerate the energy transition in emerging countries.
Angeles Toledo


Angeles Toledo


Angeles Toledo is Fund Manager of Triodos Groenfonds and Triodos Emerging Markets Renewable Energy Fund. She is the recipient of the Women Powering Smart Energy Award 2021 category Finance, a London based prize that recognizes the important role of women financing the energy transition.

She has over 15 years of experience as portfolio manager in fixed income, private equity and impact investments. Prior to Triodos IM, Angeles worked at ACTIAM impact investments where she was Fund Manager of ASN Groenprojectenfonds and ASN Venture Capital Fund. She also worked as a senior investment manager fixed income selection for PGGM, and as an investment manager emerging markets at Robeco Private Equity. She started her career as a portfolio manager fixed income at SamCo (Shell Pension Fund) where she was responsible for high yield bonds, mezzanine debt and leveraged loans investments

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Financing renewable energy in emerging markets

Find out more about the urgency of and the business case for financing renewable energy in emerging markets.