Deal Street

Africa Renewable Energy Fund II Closes USD 155 Mn Funding Round
Africa Renewable Energy Fund II Closes USD 155 Mn Funding Round

Berkeley Energy’s Africa Renewable Energy Fund II (AREF II) has concluded a new funding round of EUR 130 million (USD 155 Mn) to focus on developing, constructing, and operating renewable energy assets and technologies in Sub-Saharan Africa.

Proparco, a subsidiary of the Agence Française de Développement (AFD), contributed EUR 15 million (USD 17.93 Mn) to the new AREF II Fund, while CDP, CDC, FMO, Swedfund, the Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank), and the Clean Technology Fund (CTF), part of the Climate Investment Funds, also contributed.

AREF II is well-positioned to capitalize on this market potential by supporting mid-sized grid-connected projects with capacities ranging from 10MW to 100MW. In addition, Berkeley Energy will use its internal sustainability skills to implement best-in-class environmental, social, and governance management.