AREF II Raised EUR 130 Mn For Future Renewable Project
TechInAfrica – Berkeley Energy’s Africa Renewable Energy Fund II (AREF II) has raised EUR 130 Mn (USD 155 Mn) in a new funding round that will be used for the development, construction, and operations of renewable energy assets and technologies in Sub-Saharan Africa.
The funding was led by Proparco ( EUR 15 million or USD 17.93 Mn), followed by CDP, CDC, FMO, Swedfund, the Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank), and the Clean Technology Fund (CTF).
Luka Buljan, Managing Director of Berkeley Energy commented: “The successful first close of AREF II sends a clear sign of confidence that our hands-on, asset-first, technically orientated approach resonates with our investors and makes a material difference for the communities in which we operate. Our track record of delivering projects and strong investment returns means we are well placed to serve Sub Saharan Africa’s growing demand for clean, affordable, and reliable energy.”
AREF II is aiming for a final fund of EUR 300 Mn that will be focused on run-of-river hydro, wind, and solar projects along with battery storage opportunities, across Sub-Saharan Africa with South Africa as an exception.