African Renewable Energy Fund

The African Renewable Energy Fund (AREF) is a fund managed by associate company Berkeley Energy Ltd and invests in hydro, geothermal, solar and biomass projects in Sub Saharan Africa. AREF held its first close in March 2014 following Berkeley Energy winning a competitive tender for a cornerstone investment from the African Development Bank and held its final close in September 2015. Its fund size is $200m and has invested in 9 projects in 6 countries.  AREF II has also been launched with a final target fund size of €300m, and will primarily target run-of-river hydro, wind and solar projects, as well as battery storage opportunities, across Sub-Saharan Africa (excluding South Africa).

Investment Example

Achwa 2 is a 41MW run-of-the-river hydropower project located in Northern Uganda, in the districts of Pader, Gulu, and Kitgum, along the Achwa River. The project became operational in October 2019, and has four vertical Francis turbines supplied by Voith under an electro-mechanical EPC contract. The project’s generation output is designed to produce 182GWh annually.  A community development programme is underway including job creation, provision of medical supplies to local clinics, sponsorship of school fees for girls from the local community, and remediation of boreholes.

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Portfolio image for African Renewable Energy Fund


Portfolio image for African Renewable Energy Fund