$200m for green projects in Sub-Saharan Africa

A renewable energy fund in sub-Saharan Africa $200 million (£128m) worth of funding to develop renewable projects. The African Renewable Energy Fund (AREF) will support small to medium scale projects in […]

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By Jacqueline Echevarria

A renewable energy fund in sub-Saharan Africa $200 million (£128m) worth of funding to develop renewable projects.

The African Renewable Energy Fund (AREF) will support small to medium scale projects in the region. It has so far developed four green projects and additional pipeline of projects using the funding.

They include small hydro, wind, geothermal, solar and biomass.

It is managed by Berkeley Energy, a fund manager focused on developing and investing in renewable energy projects in emerging markets.

The African Development Bank (AfDB) is funding $55 million.

Other investors include the European Investment Bank (EIB) and the West African Development Bank (BOAD).

Pim van Ballekom, EIB Vice President: “Our combined backing for the African Renewable Energy Fund will provide both financial support and share technical experience essential for smaller renewable schemes being implemented for the first time.”