Africa:

Africa Energy Fund Receives Sh1.8bn for Green Projects (Business Daily Africa)

The Africa Renewable Energy Fund (AREF) has secured a $20 million (Sh1.8 billion) commitment from the Commonwealth Development Corporation (CDC) as African sustainable energy projects gain traction.

The fund is seeking to raise $200 million (Sh18 billion) to invest in renewable energy production in sub-Saharan Africa and is managed by Berkeley Energy, a fund manager whose board includes former KenGen chief executive Eddie Njoroge.

AREF will invest in hydro, wind, solar, geothermal and biomass companies that have the potential to generate between 10 and 50 megawatts. The CDC said its cash commitment is meant to fill the funding gap in Africa’s energy sector which is seen as unattractive to many investors.

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