SEFA reports record number of transactions in 2020, secures US$90m in new funding

AFRICA – The Sustainable Energy Fund for Africa (SEFA) approved seven high-impact projects worth US$54 million in 2020, its best year in spite of challenging Covid-19 conditions, according to its recently released 2020 Annual Report. SEFA, managed by the African Development Bank (AfDB), focuses on green baseload, green mini-grid, and energy efficiency investments. The Fund, founded in 2011, transformed into a Special Fund on 31 October 2019. The report, titled Building Foundations for Success, also details the Fund’s success in attracting increased donor funding. SEFA secured commitments worth US$90 million from…

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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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SIE secures US$965,000 grant from SEFA to support its transition into the first Super ESCO

MOROCCO – Morocco’s Société d’Ingénierie Energétique (SIE) has secured US$965,000 grant from The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) to support its transition into the first Super Energy Service Company (ESCO) initiative in Africa. As a Super ESCO, the SIE should be able to overcome many of the challenges in scaling up energy efficiency investments. It will also open market opportunities for local ESCOs, offer quality assurance support and build their reputation among end-users and investors. Super ESCOs are vehicles for channelling funds into public sector energy…

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