recommendations from expert networks and approached on an ad hoc basis. In those cases where capitalisation is provided through a debt-issuing revolving fund, smaller calls for proposals may be issued as the fund is recapitalised by loan repayments. These innovative vehicles represent a promising new approach to growing investment in sectors that have fallen through the finance cracks due to ticket sizes (too large for microfinance, too small for private equity or commercial debt). As part of a proposal SMEs are required to submit an application form, including a draft business plan, demonstrating their ability to provide a viable, clean technology-based product or service to a market in a least developed country (LDC) or middle-income country (MIC). SMEs are challenged to demonstrate how a business plan will lead to certain outcomes connected to REEEP's core principles: reducing the effects of climate change and building local prosperity. In some cases, these outcomes may be integrated into the selection processes as specific procurement objectives, allowing for results-based financing. After initial application and due diligence process, successful applicants develop a strategic plan incorporating a stakeholder analysis, key activities, outputs and outcomes, benchmarking and key performance indicators (KPIs), and contingency planning, among other elements. This strategic plan forms the basis of entry as a project investment. Throughout its work, REEEP uses Results-Based Finance methods to verify project progress. Learn REEEP utilises a mixed methodology approach to monitoring, evaluation and learning designed to handle the complexity of the situations our investments face on the ground and the multiplicity of stakeholders involved, and to manage the various types and volumes of information flowing in and out of the project environment. REEEP uses a Theory of Change as a high level project strategy guide, taking into account market context and cross-cutting considerations. For each investment REEEP makes as part of a market acceleration project, it develops a SME-specific strategic plan that incorporates a stakeholder analysis; key activities, outputs and outcomes; benchmarking and key performance indicators (KPIs); and contingency planning, among other elements. This strategy typically includes a Logical Framework Approach (Logframe) template. The plan is designed to ensure that the investment logic will lead to project objectives. We internally test the business plan, including activities, structure and strategy for growth, to confirm they have been adequately planned to deliver a high probability of success. In cases where intelligence and evidence from similar projects would suggest altering the