Rockefeller Fund Takes First Green Stake in Pivot From Oil
The Rockefeller Brothers Fund, the foundation divesting from the fossil-fuel industry it helped create, took its first direct stake in a renewable energy company in a move meant to bolster the fight against climate change.
The New York City-based fund, founded in 1940 with the profits of Standard Oil Co., provided $10 million to Mainstream Renewable Power Ltd. to expand renewable energy in Africa.
The investment was part of an $117.5 million funding round announced last month that included International Finance Corp. and other backers. The investment will help finance as much as $1.9 billion for green energy on the continent...