Press Release, SCF
SCF partners with Orgal Group to develop Six Senses Galapagos
SCF partners with Orgal Group to develop Six Senses Galapagos – an ecolodge that aims to unite conservation and restoration with community outreach and sustainable operations
[Connecticut, Guayaquil — November 1, 2021] – The Global Subnational Climate Fund (SCF) has entered into an exclusive partnership with Ecuador-based hotel developer, the Orgal Group (Orgal), in efforts to finance the construction of Six Senses Galapagos, located in Cerro Verde on the northeastern coast of San Cristobal Island in the Galapagos.
UNESCO recognized the Galápagos Islands as a World Heritage Site in 1978 and a Biosphere Reserve in 1985, and development is only permitted on three percent of the total area. In accordance with strict local laws, and with strong involvement from the local community during the project’s early design and visioning stages, allowance has been granted to develop the resort on a site with unencumbered views of the ocean and other topographical landmarks.
The Six Senses Galapagos project seeks to contribute to the protection and restoration on San Cristóbal Island. The project aims to promote local efforts to protect and restore ecosystems, prevent the introduction of invasive species, and bolster a local economy reliant on global tourism in the wakes of the global COVID-19 pandemic. Furthermore, the project plans to remove existing invasive species and maintain a native plant nursery to benefit the broader biodiversity and employ on-site solar energy production, and waste-water treatment. Plans are also underway for an Earth Lab and Experience Center. The first will showcase the project’s sustainability efforts and the second will host research and educational activities by NGOs engaged in the Galápagos. The master eco-planning, landscape architectural and architecture is led by international award-winning Florida-based HM Design. Hitesh Mehta, the President, is considered a leading practitioner and researcher on ecotourism. Some of the signature structures have been designed by world-renowned bamboo architect Simon Velez.
The hotel will be branded under the Six Senses flag. Six Senses, Hotel, Resorts, Spas operates 20 hotels and resorts globally, as a subsidiary of Intercontinental Hotel & Resorts. The brand is globally recognized for a commitment to sustainability, local sensibility, and wellness. SCF’s investment is planned to be funded in Q1 2022 and is subject to completion of due diligence, which also involves the systematic assessment of the environmental and social impact of the project.
Chief Executive Officer Arturo Kayser of Orgal Group emphasized his excitement to work with SCF to further the Galapagos development: “The Galápagos Islands are a magical destination with a unique place in natural history. Our guests will come face-to-face with their raw beauty and experience the extraordinary wildlife which inspired Charles Darwin to develop his Theory of Evolution. Joining forces with [SCF] represents a great alignment of visions: a commitment to sustainability and preservation of the environment, while enhancing social and economic benefits of the local community. We’re excited to be working on this iconic project with them.”
The Subnational Climate Fund is a blended finance fund formed to mitigate climate change and strengthen community resilience projects. The Green Climate Fund (GCF) has closed on an anchor commitment of up to $150 million, which is intended to mitigate risk to private investors at the fund level. The fund seeks to scale an untapped market for mid-scale climate resilient and low-carbon infrastructure, regenerative agriculture, while addressing nature-based solutions in developing countries.
About Pegasus Capital Advisors, L.P.:
Pegasus Capital Advisors is a leading global private markets impact investment manager. As the first U.S. private equity fund manager accredited by the Green Climate Fund, we are dedicated to fostering sustainable and inclusive growth while providing attractive returns for our investors. Founded in 1996 by Craig Cogut, Pegasus has invested over $2 billion across five private equity funds. For additional information, please visit: www.pcalp.com