Montreal (Quebec), 27 May 2026 – Canada’s bilateral development finance institution, FinDev Canada announces a USD 15 million commitment to XIC Latin America Fund I, L.P. (XLA I or the Fund), a 10-year fund focused on renewable energy and sustainable infrastructure investments across Latin America and the Caribbean.
FinDev Canada’s commitment will enable the Fund to strengthen renewable energy capacity, connectivity, and circular economy initiatives, while supporting job creation and economic development across the region.
Latin America and the Caribbean has made significant progress in its transition towards clean and affordable energy, with many countries expanding renewable capacity and clean energy into their national energy mix. The transition plays a strategic role in supporting economic growth, with clean energy investment in Latin America increasing by approximately 25% since 2015. However, the region faces an estimated annual financing gap of approximately USD 99 billion until 2030 across sustainable development priority areas, including energy transition and climate action. To help address this gap, the Fund aims to invest in companies or platforms focused on developing sustainable infrastructure, with 80% of its investments targeting solar, wind, and small-scale hydro assets. These investments will increase installed capacity and strengthen climate mitigation across Latin America and the Caribbean. The remaining 20% of its investments will target connectivity and circular economy solutions. Additionally, the Fund is expected to support construction and operational employment opportunities in the region.
Exagon, the Fund manager, is committed to increasing women’s participation across the sustainable infrastructure sector by seeking to allocate 30% of the Fund’s portfolio to 2X-aligned investments. Within its operations, Exagon aims to increase women’s representation in its workforce across leadership and employment opportunities.
FinDev Canada’s commitment strengthens Canada’s strategic partnership with Latin America and the Caribbean by supporting investment opportunities that strengthen supply chains through reliable energy sources, promote economic prosperity, and advance inclusive sustainable development.
“FinDev Canada is committed to working with leading regional asset managers such as Exagon Impact Capital, and global co-investors to mobilize capital for sustainable infrastructure in Latin America and the Caribbean. This latest investment will help expand access to affordable and accessible clean energy, while strengthening Canada’s presence and long-term impact in one of our priority regions,” said Lori Kerr, CEO, FinDev Canada.
“FinDev Canada’s investment is meaningful because it brings in a partner that understands both the development imperative and the importance of building durable businesses. That is exactly how we invest at Exagon. We back scalable platforms, primarily in renewable energy, that can expand access to essential infrastructure across Latin America and the Caribbean while also creating strong, lasting businesses. FinDev Canada’s support gives us more capacity to do that with the level of engagement and ambition the region requires,” said Marc Frishman, Managing Partner, Exagon Impact Capital.
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About XLA I
XIC Latin America Fund I, L.P. is a private equity fund managed by Exagon Impact Capital and focused on investments in renewable energy and sustainable infrastructure across Latin America and the Caribbean. The Fund targets control in middle-market companies and platforms operating in sectors including renewable power generation, energy efficiency, connectivity, and circular economy solutions. XIC’s strategy is designed to support climate action, increase access to essential infrastructure, and promote inclusive economic growth across the region.
About Exagon
Exagon Impact Capital is an investment manager focused on sustainable infrastructure in Latin America and the Caribbean. Exagon invests in and actively supports businesses and platforms that advance the energy transition, resource efficiency, and broader climate resilience in the region. Through an active ownership approach, Exagon seeks to build scalable companies that deliver measurable environmental and social impact alongside strong financial performance. Find out more about Exagon at www.exagonimpact.com.
Media Contact
FinDev Canada: Media@findevcanada.ca