AREF II raises Euro 130 million to develop renewable energy in sub-Saharan Africa

The Africa Renewable Energy Fund II (AREF II) has raised Euro 130 million from seven investors to finance renewable energy development in sub-Saharan Africa, excluding South Africa. The investors in the AREF II include the Swedish government’s Swedfund, the UK government’s CDC Group, CDP, and the African Development Bank’s (AfDB) Sustainable Energy Fund for Africa. The funds that they have mobilised are to be used to finance clean energy, including wind, solar, run-of-river hydro, and storage projects. AREF II aims to mobilise a further Euro 300 million to increase Africa’s renewable energy footprint.

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