Africa Renewable Energy Fund II achieves its US$155.54m first close

AFRICA – The Africa Renewable Energy Fund II has achieved its first close at €130 million (US$155.54m), following a joint investment of €17.5 million (US$20.94) from The Sustainable Energy Fund for Africa (SEFA) and the Climate Technology Fund (CTF) through the African Development Bank. AREF II, a successor to the original Fund, is a 10-year closed-ended renewable energy Private Equity Fund with a US$300 million target capitalization.  The Africa Renewable Energy Fund II, managed by Berkeley Energy, invests in early-stage renewable energy projects, thereby not only de-risking the most uncertain…

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Africa Renewable Energy Fund II closes US$155m funding round

AFRICA – Berkeley Energy’s Africa Renewable Energy Fund II (AREF II) has closed €130 million (US$155m) in new funding round to focus on the development, construction, and operation of renewable energy assets and technologies across Sub-Saharan Africa. Berkeley Energy is a leader in the development and operation of clean energy projects across emerging markets. €15 million (US$17.93m) of the investment in the new AREF II Fund came from a subsidiary of Agence Française de Développement (AFD), Proparco, while other development finance institutions also contributed including CDP, CDC, FMO, Swedfund, Sustainable…

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