The African Renewable Energy Fund (AREF), a dedicated renewable energy fund focused on sub-Saharan Africa successfully reached its final investment target, with US $200 million of committed capital to support small to medium scale projects, with investment at the final close from European Investment Bank (EIB) and the Global Energy Efficiency and Renewable Energy Fund (GEEREF), among other investors.
African Development Bank (AfDB) is the fund’s lead sponsor, bringing US$55min an equity investment package from its statutory resources as well as climate finance instruments such as Sustainable Energy for Africa (SEFA) and the Global Environment Facility (GEF) to leverage commercial and institutional investment. SEFA has additionally committed a US$10mProject Support Facility (PSF), which will provide resources to be deployed at an early stage to structure bankable deals.