1 April 2014
Promoter – Financial Intermediary
The Fund will be managed by its General Partner, Africa Renewable Energy General Partner L.P., and by its manager Berkeley Energy Africa Limited, both based in Mauritius. Both the General Partner and the Manager belong to the Berkeley Energy group, established in 2007 for the purpose of investing into renewable energy infrastructure in emerging markets.
The operation concerns a participation in the Africa Renewable Energy Fund, a closed-end private equity fund established for the purpose of making equity and quasi-equity investments in renewable energy projects across sub-Saharan Africa (excluding South Africa). Within this sector, the Fund plans to focus on small hydro, wind and solar projects, whilst remaining open to opportunities in geothermal, stranded gas and captive biomass technologies.
The Fund plans to make between 8 and 12 investments in renewable energy projects throughout sub-Saharan Africa (excluding South Africa), targeting controlling positions in medium size projects in all development stages, with an energy output between 5 and 50 MW.
- Financial and insurance activities
Proposed EIB finance (Approximate amount)
EUR 15 million
Total cost (Approximate amount)
EUR 180 million
The Fund’s operational guidelines will provide for environmental and social due diligence of all projects, according to guidelines acceptable to the EIB.
The Fund will be required to ensure that implementation of the underlying projects is done in accordance with the EIB Guide to Procurement.
Signed - 14/09/2015