- Investor Harith General Partners and Anergi Group to create Pan-African Renewable Energy Fund.
- PAREF will build on Anergi’s operations by developing, financing and executing some of the largest IPPs in Africa
Investor Harith General Partners and African power provider Anergi Group are partnering to create a Pan-African Renewable Energy Fund (PAREF) to boost renewable energy deployment across Africa. The USD 300 million fund aims to bridge the energy access gap. It will also contribute to the just transition by targeting renewable and storage projects to decarbonise power systems on the continent.
PAREF will build on Anergi’s regional operations by developing, financing and executing some of the largest independent power projects in Africa, the company noted through a media release. A Harith-backed energy investment vehicle, Anergi’s portfolio comprises five operating assets and a total installed renewable and thermal capacity of 1,413MW, supplying up to 23 million customers across Ghana, Kenya, Nigeria and South Africa.
Anergi will come up with project development expertise and resources, with Harith supplying investment capital. Harith will also monitor development-phase milestones and expand the projects’ access to funding to optimise finance terms.
“PAREF is an important and urgent response to climate change – by accelerating Africa’s race to net zero, transitioning to a low carbon future and connecting millions of Africans to sustainable, green energy,” said Harith CEO Sipho Makhubela.
“Of the 770 million people without access to electricity, 75% live in sub-Saharan Africa. Coal, oil and biomass continue to play a significant part in Africa’s energy supply chain, and the continent remains extremely vulnerable to climate change. PAREF will aim to take Africa’s energy supply into the 21st century to enable the transition to a low-carbon future.”