AREF II raises Euro 130 million to develop renewable energy in sub-Saharan Africa

The Africa Renewable Energy Fund II (AREF II) has raised Euro 130 million from seven investors to finance renewable energy development in sub-Saharan Africa, excluding South Africa.

The investors in the AREF II include the Swedish government’s Swedfund, the UK government’s CDC Group, CDP, and the African Development Bank’s (AfDB) Sustainable Energy Fund for Africa. Proparco, the subsidiary of the French Development Agency (AFD) group, also participated in the first financial mobilisation of AREF II. The new fund is being managed by Berkeley Energy and is also supported by the Netherlands Development Finance Company, and the Clean Technology Fund (CTF), which is part of the Climate Investment Fund (CIF).