Berkeley Energy secured EUR130mn first close for AREF II

Renewables developer Berkeley Energy has completed a EUR130 million (US$155.92 million) first close for its African Renewable Energy Fund II (AREF II). 

AREF II, with a final target fund size of EUR300 million (US$357.48 million), seeks to invest in hydropower, wind, and solar projects across sub-Saharan Africa, excluding South Africa. It will also invest in mid-sized grid-connected projects with 10-100 MW generating capacity. 

Berkeley Energy secures investment for AREF II from seven development finance institutions including CDP, CDC, FMO, Proparco, Swedfund, Sustainable Energy Fund for Africa (SEFA, managed by the African Development Bank), and the Clean Technology Fund (CTF, part of the Climate Investment Funds).