Renewables-focused fund launched
Issue 274
- 28 Mar 2014
| 2 minute read
A new fund focusing on renewable energy in sub-Saharan Africa outside South Africa was launched on 12 March in Nairobi. The African Renewable Energy Fund (Aref) reached its first close with $100m of capital committed. Of this, the African Development Bank (AfDB) is providing $25m from its balance sheet, $25m from its Sustainable Energy Fund for Africa (Sefa) and $4.5m from the Global Environment Facility. Aref has been developed by the African Biofuel and Renewable Energy Company (Abrec) and the AfDB for over two years, with the AfDB and Sefa the lead sponsors.
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