BIO commits EUR 6 million to Asian Renewable Energy Fund

| Print |
BIO has committed EUR 6 million to Renewable Energy Asia Fund (“REAF”), managed by Berkeley Energy. REAF aims at renewable energy infrastructure investments in Asia. It will be BIO’s first operation in this sector in Asia, and is completely in line with the company’s strategy to provide a priority support to developing and emerging countries in their fight against climate change.

REAF will seek to make equity investments of EUR 5-15 million into development stage renewable energy projects and project developers deploying operationally and economically mature technologies (primarily wind, small hydro, biomass, solar and methane recovery), mature and consolidate these investments into operating portfolios and generate good returns through successful exits.

BIO has been joined by 5 other experienced emerging market institutional investors, committing to REAF’s first closing of EUR 50.7 million.

“This investment is a unique opportunity for BIO to enter the renewable energy market in Asia and address climate change concerns. With this commitment, BIO will play a catalytic role in attracting long-term investments into renewable energy projects, and promoting sustainable development in a region where the energy supply-demand gap is important”, says Hugo Bosmans, BIO’s Chief Executive Officer.

The Fund will be managed by Berkeley Energy, a private equity fund manager specialising in renewable energy infrastructure investments in developing markets, especially Asia. It benefits from a strong know-how, combining the project development, construction and operations expertise of an industrial firm, with the flexibility, financial rigour and discipline of a financial sponsor.