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In August 2015, OeEB invested USD 8 million in Africa Renewable Energy Fund (AREF). The fund's aim is to improve energy supply in Sub-Saharan Africa.
| Project name | Africa Renewable Energy Fund (AREF) |
| Region | Sub-Saharan Africa |
| Sector | Energy / Resource efficiency / Infrastructure |
| Service | Equity Participation |
| OeEB project volume | around USD 8 million |
| Fund domicile | Mauritius |
| International climate finance according to UNFCCC | Yes |
| Additionality | Financial Additionality |
| Project partner(s) | Africa Renewable Energy Fund (AREF) |
The fast economic and population growth in the countries of Sub-Saharan Africa also leads to a strong increase in energy demand. Although the region has a big potential for the use of renewable energy sources, it has so far remained largely unexploited. Currently, around 620 million people do not have access to electricity, power outages are commonplace.
The aim of Africa Renewable Energy fund is to improve the energy supply in Sub-Saharan Africa by investing in renewable energy projects. In doing so, the fund mainly works with local project developers and provides not only equity capital but also know-how for the project preparation and implementation.
The fund has a total volume of around USD 200 million. Its portfolio includes hydro, wind, solar, geothermal and biomass projects.