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.
- Shifting the Focus from End-of-Life Recycling to Continuous Product Lifecycles
- Financing Environmental Resiliency and a Low-Carbon Future with Green Bonds
- Improve Occupant Comfort & Reduce Energy Costs Through Humidity Control
- It's Time for Today's EHS and Sustainability Professionals to Embrace Big Data
- 2016 Environmental Leader Product & Project Awards
- Smart Companies Utilize Integrated Energy Solutions
- Planning for a Sustainable Future
- 2015 Insider Knowledge
- Building Energy Benchmarking & Transparency Laws
- How to Thrive in Today's EHS Landscape