A new US$300 million fund that hopes to spur on the adoption of renewable energy in Africa has been established.
The Pan-African Renewable Energy Fund (PAREF) aims to bridge the electricity-access gap across the continent and promote greener power solutions.
According to Green Building Africa, it was launched by South African renewable-energy investor Harith General Partners and Mauritius-based power provider Anergi Group.
PAREF will focus on development and financing mechanisms targeted at greenfield and brownfield projects, as well as converting high carbon-emitting sources of power supply to less carbon-intensive options.
Through the partnership, Harith will provide investment capital, while Anergi will contribute project-development expertise and resources.
