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Correction and reissue: Africa Renewable Energy Fund II secures the first close of 130 million euros with SEFA and CTF investments


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The Africa Renewable Energy Fund II achieved its first close at 130 million euros, following a joint investment of 17.5 million euros from the Sustainable Energy Fund for Africa and the Fund for climate technologies through the African Development Bank (

AREF II, successor to the original fund, is a 10-year renewable energy closed-end private equity fund with a target capitalization of $ 300 million. The Africa Renewable Energy Fund II, managed by Berkeley Energy, invests in renewable energy projects at an early stage, thus not only reducing the risks of the most uncertain phase of energy projects, but also favoring an increase in the load. green base in Africa’s production mix.

The Sustainable Energy Fund for Africa and the Climate Technology Fund will each provide around € 8.7 million to leverage private sector investment in the renewable energy sector in Africa. The Sustainable Energy Fund for Africa will also help finance the AREF II Project Support Facility, which funds technical assistance and early stage project support to improve bankability.

The other investors are the British group CDC, the Italian group CDP, the Dutch development finance company (FMO), SwedFund and Proparco.

“We are proud to be associated with Berkeley Energy and other like-minded investors, and look forward to AREF’s continued success and leadership in promoting sustainable energy development on the continent., ” said Dr Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth.

In 2012, the African Development Bank selected Berkeley Energy, a seasoned fund manager of clean energy projects in global emerging markets, to create AREF. AREF II has a sharper strategic orientation than its predecessor on “green base load” projects that will provide firm and distributable energy to African power systems through hydraulic, solar, wind and battery storage technologies.

Luka Buljan, Managing Director of Berkeley Energy, said: “We are very pleased to have taken this step with the strong support of our funders. The catalytic tranche of the Sustainable Energy Fund for Africa and the Climate Technology Fund will help mobilize private institutional investors up to a total amount of € 300 million. We now look forward to wrapping up fundraising and completing projects that will deliver clean, reliable and affordable energy to African markets. “

“AREF is closely linked to the history and success of the Sustainable Energy Fund in Africa, and we have worked closely together over the past decade to set precedents in challenging markets and challenging technologies. We look forward to continuing our collaboration to accelerate the energy transition in Africa, ”said Joao Duarte Cunha, Head of Renewable Energy Initiatives at the African Development Bank and Coordinator of the Sustainable Energy Fund for Africa .

Distributed by APO Group on behalf of the African Development Bank Group (AfDB).

Editor’s Note: A version of the press release published on June 18, 2021 failed to include Proparco as an investor in the first closing of the Africa Renewable Energy Fund II.

Media contact:

Olufemi Terry Communications and External Relations Department African Development Bank Email: [email protected]

Technical contact:

Joao Duarte Cunha Head of Division, Renewable Energy and Energy Efficiency Department [email protected]

About SEFA:

SEFA is a special fund managed by the African Development Bank that provides catalytic finance for renewable energy. The overall objective of SEFA is to contribute to universal access to affordable, reliable, sustainable and modern energy services for all in Africa, in accordance with the Bank’s New Deal on Energy for Africa and the Objective 7.SEFA was established in 2011 in partnership with the Government of Denmark ( and has since received contributions from the governments of the United States (, United Kingdom (, Italy (, Norway (, Spain ( and Sweden (, Nordic Development Fund ( and in Germany ( SEFA is hosted within the Department of Renewable Energies and Energy Efficiency (PERN) within the Energy, Energy, Climate and Green Growth (PEVP) complex.

About the CTF:

The $ 5.4 billion CTF is one of two multi-donor trust funds within the Climate Investment Funds (CIF). It promotes larger-scale financing for the demonstration, deployment and transfer of low-carbon technologies with significant potential for reducing greenhouse gas emissions in the long term. The Bank became an executing entity of the CIF in 2010 and has since approved more than $ 588 million in CTF resources for a total of 10 projects across Africa.


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