Several European development finance institutions have backed South Africa–based investment manager Metier’s second sustainable capital international fund, pushing it to a $113 million first close.
Proparco, a French financial institution, committed $10 million to the fund, which invests in renewable energy, resource efficiency and energy efficiency projects in Africa. This is the AFD Group’s second transaction with Metier.
Metier Sustainable Capital International Fund II is targeting $150 million in capital commitments and will look to make significant direct contributions to both the strengthening of the private sector and climate action in Africa, according to a statement by Proparco. The investments are estimated to reduce CO2 emissions by more than 220,000 tons annually and will improve access to green energy in Kenya and Uganda for 390,000 people.