-
The Africa Renewable Energy Fund II (AREF II) has raised a total of €130 million.
- The fund will finance clean energy projects in sub-Saharan Africa.
- The fund manager aims to increase the funds to €300 million.
The Africa Renewable Energy Fund II (AREF II) has raised a total of €130 million from seven investors. The fund will finance renewable energy projects in sub-Saharan Africa, excluding South Africa.
Investors in the AREF II include Swedfund, the CDC Group; CDP, the Sustainable Energy Fund for Africa (Sefa), AFD’s Proparco, the Netherlands Development Finance Company (FMO) and the Clean Technology Fund (CTF), which is part of the Climate Investment Fund (CIF). The €130 million mobilised by these institutions will finance clean energy, including wind, solar, run-of-river hydro and storage projects.
Fund manager, Berkeley Energy, says it aims to grow the fund to €300 million to deploy clean energy on the continent. The new fund builds on the work of AREF, which has contributed to the development of several projects, including geothermal, solar and hydropower in Africa.