A new private equity fund for the energy transition on the African continent
Investing in the sustainable transition in Sub Saharan Africa. This is the mission of AREF II (Africa Renewable Energy Fund II), the private equity fund dedicated to the development and construction of renewable energy plants on the African continent.
AREF II, with a target size of €250 million, is a fund focused on the development of hydroelectric, wind and solar energy storage projects.
This is the first investment in a CDP Development Finance equity fund. An innovative instrument, in which Cassa Depositi e Prestiti invested €35 million alongside leading financial institutions such as the European Investment Bank and the development banks of the United Kingdom, France, Holland and Sweden.
AREF II will be capable of investing in all African countries identified as recipients of official OECD development assistance, which require investment in sustainable infrastructure to promote access to renewable energy on the continent, e.g. Cameroon, Kenya and Angola.
The Fund also sees the involvement of Italian companies in several of the funded projects, with Pac and Tozzi Green working on the construction of hydroelectric plants in Cameroon, Uganda, Angola and Madagascar.