Fund commits €10m for clean energy in southern Africa
2010 - Renewable Energy Focus
The Global Energy Efficiency & Renewable
Energy Fund (GEEREF) will commit the funds to the ‘Evolution One Fund’ that is
dedicated to clean energy investment in Southern Africa.
The fund will
target power generation from renewable energy technologies, energy efficiency
as well as sustainable water purification, waste management and recycling. The
focus will be on micro-enterprises, small, medium and broad-based economic empowerment.
“We are particularly pleased that GEEREF’s second investment reaches the
African continent,” saysCyrille Arnould of GEEREF. “It will support South Africa’s
efforts to move away from fossil energy and set a precedent for others to follow.”
Evolution One Fund is a private equity fund managed by Inspired Evolution
Investment Management of South Africa, and focusses on clean technologies where
environmental and social issues make them “vitally important drivers of economic
development,” it explains.
GEEREF is supported by the European Union, Germany
and Norway, and advised by the European Investment Bank Group (European Investment
Bank and European Investment Fund) to provide clean energy to emerging countries
and economies in transition. It is joined by market investors CBG/Castleway Properties,
International Finance Corporation (IFC), African Development Bank (AfDB), Industrial
Development Corporation of South Africa (IDC), Norfund, Swiss Investment fund
for Emerging Markets (Sifem) and the Finnish Fund for Industrial Cooperation (Finnfund).
In December, GEEREF announced its €12.5m commitment to Berkeley Energy’s
Renewable Energy Asia Fund, which focuses on India. The ‘fund of funds’ provides
global risk capital through private investment for renewable energy and energy
efficiency projects, and accelerates the transfer, development, use and enforcement
of environmentally-sound technologies for poor regions.
Investment Management is a boutique investment management company based in South
Africa and Britain, with experience in cleantech market segments such as solar,
wind, fuel cells, biogas, biofuels, energy efficiency, waste and water investments.