Berkeley Energy, the Africa and Asia-focused energy funds manager has closed its African Renewable Energy Fund (AREF) after meeting its $200 million funding goal.
The fund is drawn to support small to medium businesses that are executing renewable energy projects.
The funding was led by the African development bank (AfDB) which pitched in $55 million (26%) of the total fund, with participation from other development financial institutions and private capital firms; West African Development Bank (BOAD), Ecowas Bank for Investment and Development (EBID), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Calvert Investments, Berkeley Energy and others including the European investment bank.
Berkeley Energy Africa will manage the fund from its Kenyan office.
“We are very pleased to have reached our target fund raising and look forward to continuing our work focusing on the technical delivery of our projects with our project partners from concept to generating reality,” Berkeley Energy’s Partner and Co-Founder, Alastair Vere Nicoll said.
According to an EIB press release, the fund has been investing in capital in grid-connected development stage renewable energy projects since it hit the $100 million halfway mark last year.