African Renewable Energy Fund Begins with $100M
The African Renewable Energy Fund (AREF), a dedicated renewable energy fund focused on Sub-Saharan Africa, closed with $100 million of committed capital to support small- to medium-scale independent power producers (IPPs).
The fund, which will be headquartered in Nairobi, is targeting a final close of US $200 million within the next 12 months to be invested in grid-connected development stage renewable energy projects including small hydro, wind, geothermal, solar, biomass and waste gas.
AREF will be managed by Berkeley Energy Africa Limited, a fund manager focused on developing and investing in renewable energy projects in emerging markets. The fund will target IPPs with an ideal size of between 5 and 50 MW and a commitment per project of between US $10 million and US $30 million, with the capacity to source further funding from co-investors where necessary for a larger investment.
Africa Development Bank is the fund’s lead sponsor, bringing $65 million in an equity investment package.
- 2014 Insider Knowledge Report
- Integrated Building Optimization
- NAEM Research Report: Planning for a Sustainable Future
- 2014 Environmental Leader Product and Project Awards
- Trends in Energy Management: Where Should Your Next Investment Be?
- NAEM Trends Report: Planning for a Sustainable Future
- Essential Guide to Lighting Retrofits and Upgrades
- The CFO and the Sustainability Reporting Chain
- Alarms Management: The Future is Now
- Sustainability Careers: Unlocking Hidden Employment Potential
- Energy Efficiency Requires Engineering Efficiency
- Integrated Building Optimization: A Crucial Convergence of Demand-side and Supply-Side Energy Management Strategies
- Driving Productivity and Profit with Industrial Energy Management
- Energy Procurement in 2014: Products & Programs to Optimize Savings
- BUYING STRATEGIES IN A VOLATILE MARKET: What Businesses Need to Know about Retail Electricity Procurement