Berkeley Energy has raised €130 million ($158 million) in a first closing of its Africa Renewable Energy Fund II (AREF II), against a €300 million ($364 million) target.
AREF II’s investor base included seven development finance institutions: CDP, CDC, FMO, Proparco, Swedfund, Sustainable Energy Fund for Africa and the Clean Technology Fund.
AREF II follows the successful deployment of the firm’s predecessor, AREF, which invested in hydro, geothermal and solar projects in Sub-Saharan Africa. The new fund will primarily target run-of-river hydro, wind and solar projects, as well as battery-storage opportunities, across Sub-Saharan Africa (excluding South Africa).
“The successful first close of AREF II sends a clear sign of confidence that our hands-on, asset-first, technically orientated approach resonates with our investors and makes a material difference for the communities in which we operate,” said Luka Buljan, managing director of Berkeley Energy
