The Renewable Energy Innovation Fund (REIF) celebrated a new milestone with the event "REIF: Innovative Finance for a Sustainable Future," which brought together Uruguayan government officials, representatives of the United Nations system, banks, businesses, academia, and civil society. The event provided an opportunity to review the achievements of the first stage of the program and share the guidelines for a new phase of the financing instrument.

During the event, the main results of the first phase of the REIF (2022–2025) were presented. Over these four years, the fund disbursed USD 5.5 million in concessional capital and mobilized around USD 25 million from commercial banks. The portfolio reached 17 approved loans, in partnership with six of the seven commercial banks participating in the program, supporting projects in electric mobility, charging infrastructure, storage, heat pumps, and other solutions that take advantage of the country's nearly 100% renewable electricity matrix. Together, these investments will prevent more than 114,000 tons of CO₂ emissions over the lifetime of the projects.

The Minister of Industry, Energy, and Mining, Fernanda Cardona, stressed the importance of planning policies in a timely manner and moving toward a second energy transition focused on decarbonizing sectors that are difficult to tackle.

The interventions by United Nations authorities highlighted REIF as a pioneering instrument. Resident Coordinator Pablo Ruiz emphasized that this is the first time the United Nations has financed a project of this kind, which has a mixed financing instrument together with private banks. Along these lines, UNIDO representative for the Southern Cone, Manuel Albaladejo, recalled the initial discussions with commercial banks to define how the United Nations could work together with financial institutions and the uncertainties generated by an instrument of this type, highlighting that today those initial challenges have been transformed into concrete results that are worth celebrating.

For their part, UNDP representative Stefano Petinatto and UN Women Program Director Magdalena Furtado emphasized REIF's contribution to sustainability, inclusion, and gender equality in the country's energy agenda:

"Today we are closing a cycle of work that leaves behind installed capacities, solid alliances, and a concrete roadmap for the energy transition in Uruguay to move forward, and to move forward with the participation of women," said the UN Women representative.

In this regard, REIF also leaves behind concrete capabilities and commitments in terms of gender equality: 58% of beneficiary companies adhered to the Women's Empowerment Principles (WEPs), and 31% of those who participated in the training promoted by the program were women, strengthening their participation in historically male-dominated sectors.

The national coordinator of the program, Paula Cobas, presented the results achieved in this first stage, which include the mobilization of private investment in clean technologies, electromobility projects, energy efficiency solutions, and new electric charging infrastructure. In her speech, she highlighted:

“What we have demonstrated with REIF is that an innovative, collaborative instrument, with the participation of the government, banks, and companies, can generate real, measurable, and concrete impact. We have a vision of where we want to go, we have an operational model that works, and we have accumulated experience; that is why we see this second phase as an opportunity to scale up the impact of the project.”

One of the distinctive elements of the event was the REIF project gallery, an exhibition space where attendees could browse and learn about real investment cases, discover implemented technologies, and explore firsthand the impact achieved in different productive sectors.

In addition, international impact expert Fred Seifert presented a global perspective on blended finance instruments, delving into how this approach helps reduce risks, attract private capital, and scale solutions that accelerate green transitions. 

With these advances and lessons learned, REIF closes its first stage consolidated as a benchmark instrument for sustainable finance in Uruguay, combining innovation, public policy, and international cooperation. The new phase of the program builds on this foundation, with the aim of continuing to mobilize private investment toward projects that support the country's sustainable development.