Seven development finance institutions have committed €130m in total to Berkeley Energy’s latest Africa renewable energy fund.
Berkeley Energy said the Africa Renewable Energy Fund II (AREF II) fund’s investor base includes CDP, CDC, FMO, Proparco, Swedfund, Sustainable Energy Fund for Africa and the Clean Technology Fund, part of the Climate Investment Funds.
AREF II has a final target fund size of €300m, and will primarily target run-of-river hydro, wind and solar projects, as well as battery storage opportunities, across sub-Saharan Africa, excluding South Africa.
AREF II follows the full deployment of the predecessor Africa Renewable Energy Fund, which invested in hydro, geothermal and solar projects in Sub Saharan Africa.
Luka Buljan, managing director of Berkeley Energy, said: “The successful first close of AREF II sends a clear sign of confidence that our hands-on, asset-first, technically orientated approach resonates with our investors and makes a material difference for the communities in which we operate.
“Our track record of delivering projects and strong investment returns means we are well placed to serve Sub Saharan Africa’s growing demand for clean, affordable and reliable energy.”