BIO invests in renewable energy in Africa

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Alongside other Development Finance Institutions such as the Dutch Development Bank FMO and the British Development Bank CDC, BIO is participating with a USD 10 million stake in the Africa Renewable Energy Fund (AREF). The USD 200 million equity fund for renewable energy in sub-Saharan Africa focusses on power generation using renewable energy resources from remote areas in “least developed countries” and “low income countries” as defined by OECD. These countries typically lack access to long –term financing, paramount to energy and infrastructure investments.

The developmental impact of the project is high as the project will contribute to the enhancement of investments in power generating infrastructure, which is essential as the needs will continue to increase. The fund will actively contribute to demonstrate the possibility to develop, construct and operate sustainable renewable energy plants in the region and deliver clean energy to the electricity grid.