The African Development Bank (AfDB) announced that the Kenya-based Africa Renewable Energy Fund (AREF) had reached its fundraising target of USD200M for 5MW to 50MW grid-tied renewable energy projects. Lead sponsors of the fund are the AFDB and its Sustainable Energy Fund for Africa (SEFA) with USD25M and USD25.5M respectively.
In addition, SEFA will contribute a USD10M technical assistance facility. Other investors include the European Investment Bank (EIB), Global Energy Efficiency and Renewable Energy Fund (GEEREF), African Biofuel and Renewable Energy Company (ABREC), ECOWAS Bank for Investment and Development (EBID), West African Development Bank (BOAD), FMO and Calvert Foundation.
The fund had been launched with USD100M in financial commitments in July 2014 and is managed by Berkeley Energy, a renewable energy fund manager with operations in Asia and Africa.
Specific information on AREF and its modalities can be found in the RECP Funding Database here.
Source: Africa Assets