The GEEREF Investment Committee has given approval to investments in four commercial renewable energy investment funds, and funds have been committed to three of the investment funds. In addition, GEEREF supports small grants to projects through its Technical Assistance (TA) Support Facility.
Funds approved and committed:
- EUR 12.5 million (USD 16.75 mn) commitment to Berkeley Energy’s Renewable Energy Asia Fund (REAF), which primarily focuses on India. The Fund will specifically focus on operationally and economically mature technologies which are best placed to help Asia bridge its current electricity supply/demand gap (primarily with wind, small hydro and solar energy). REAF is managed by Berkeley Energy, which is a private equity fund manager specialising in renewable energy infrastructure investments in developing markets with initial focus on Asia.
– EUR10 million (USD 13.4 mn) commitment to the Evolution One Fund, a private equity fund managed by Inspired Evolution Investment Management, a South Africa-based company specialising in “cleantech” investments.
Both funds will invest equity in renewable energy projects such as wind energy generation, small hydro electric generation, biomass and methane recovery.
- EUR 10 mn (USD 13.4 mn) to DI Frontier Market Energy and Carbon Fund In the regions where the two funds operate, there is a lack of equity investment available through the market for these types of projects.
EUR 12.5 mn have also been approved for an investment fund in Latin America, but have not yet been fully committed.
The GEEREF also supports small grants to projects through its TA support facility. To date, almost USD 4mn has been spent through the TA support facility.
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