Funding Database

African Renewable Energy Fund (AREF)

The Africa Renewable Energy Fund (AREF) invests into small hydro, wind, geothermal, solar, stranded gas and biomass projects across Sub-Saharan Africa, excluding South Africa.

Berkeley Energy, as the fund’s managing Organisation, has experience in over 120 renewable energy and power engineering, construction and investment projects in Africa and Asia. It is a focused investor, developer and deliverer of renewable power assets.

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Geographical Focus

Sub-Saharan Africa, excluding South Africa

Technology/Sector Focus

  • Small Hydro
  • Wind
  • Geothermal
  • Solar
  • Stranded Gas
  • Biomass
Size of Investment
Target Return
Total Fund Size
$200 M
Fund Structure

General Fund Information

Type of Investment


Investors of Fund

African Development Bank, CDC, GEEREF, EIB, GEF, Sustainable Energy Fund for Africa (SEFA), West African Development Bank (BOAD), Ecowas Bank for Investment and Development (EBID), FMO, Calvert Investments, CDC Group, BIO, OeEB - the Development Bank of Au

Fund Information

Size of Investment


Target Return


Additional Project Characteristics

IRENA – Africa Renewable Energy Fund

Additional FMC Info



Location of Registration and HQ

Nairobi, London

Primary Contact Information For Developers

Contact Form

Types of Financing


Equity Project Finance, for approx 30-50% of project with market rate returns after fees, carried interest, and taxes. No more than 50% of fund in one technology.

Technical Assistance / Grants

AREF manages an additional $10 million Project Support Facility (PSF), which will provide resources to be deployed at an early stage to structure bankable deals.

Debt Mezzanine

The Clusters Solar PV Project, funded by the World Bank through the Ministry of Energy and Minerals (MEM) and the European Union, implemented by Camco Clean Energy in Tanzania, addresses key market barriers to the development of solar PV systems in rural T

Guarantee / Insurance


Requirements for Financing

Applicant Requirements

5-50 MW

Target Impact

Increasing renewable energy generation in Africa.

Due Diligence Requirements

Standard project documentation.

Detailed Description Of Funding Process Procedure

Origination by partnership with local sponsor/developer after initial and before detailed development stage.