A new fund is bringing renewable energy funding to Africa. Developing renewable energy takes resources and this is hard to come by in much of the developing world.
The African Renewable Energy Fund (AREF) was established was launched in June 2014 with $100 million and it is expected to climb to $200 million within a year. The fund dedicated to supporting small to medium independent power producers (IPPs).
The fund will invest in grid-connected development stage renewable energy projects including small hydro, wind, geothermal, solar, biomass and waste gas.
Africa Development Bank is the AREF’s leading sponsor. The fund will be managed by Berkeley Energy Africa Limited, and it will target IPPs with a generating capacity of between 5 and 50 MW. Each of the projects they support will receive funding ranging from $10 million to $30 million. Further funding will also be made available from co-investors where necessary.
To learn more about the renewable energy potential of Africa click here.
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