Solar energy financing firm SunFunder has reached a first close for Solar Energy Transformation Fund with USD42.5 million in capital commitments. Investors in the fund include the Overseas Private Investment Corporation, which committed USD25 million; Calvert Impact Capital, which committed USD7.5 million; and Ceniarth and the IKEA Foundation, which each committed USD5 million. The fund is reportedly targeting a final close of USD85 million and will provide debt financing to emerging markets-based solar energy projects and companies.