$100m secured for Sub-Saharan renewables development

The African Renewable Energy Fund (AREF) has raised $100m for the development of grid-connected renewable energy projects in sub-Saharan Africa.

The fund will be distributed to independent power producers (IPPS) for 5- to 50-MW solar, small hydro, wind, geothermal, biomass and waste gas projects. AREF will commit $10-30m to the development stage of each project, and larger projects may be able to acquire additional funding.
African Development Bank
The fund is set to be managed by Berkley Energy Africa, and AREF hopes to raise an additional $100m for the fund within the next 12 months.

Renewable Energy World reports that the African Development Bank (AfDB) is the fund’s lead sponsor, contributing $65m. Initiatives such as Sustainable Energy for Africa (SEFA) are also driving the investment and will also set up a Project Support Facility to aide development at early stages to broker bankable projects.

AfDB is also heavily involved in the Sustainable Energy for All (SE4All) initiative led by the United Nations and The World Bank.  SE4All strives to achieve global access to electricity and safe fuels and to double the share of renewables adoption and energy efficiency improvements worldwide — all by 2030.

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