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AfDB invests USD 20m in Metier Fund for renewable projects in Southern Africa

Mainstream Renewable Power 158-MW wind park in Senegal

January 9 (Renewables Now) - The African Development Bank (AfDB) earlier this week announced the approval of a USD-20-million (EUR 18m) investment in the Metier Sustainable Capital International Fund II, which injects capital in renewable and resource-efficient infrastructure projects in Southern Africa.

The fund, Metier Private Equity International's second sustainability fund, is targeting renewable commercial and residential projects with a combined capacity of 178.5 MW as well as industrial waste water treatment and waste-to-energy generation projects in the region.

Metier has invested over USD 550 million in Africa, namely in solar, wind and hydropower projects in Southern and East Africa.

Speaking on Metier, AfDB's active vice president for power, energy, climate change and green growth, Wale Shonibare, said, "We are pleased to join other investors in supporting their expansion into new African markets to help unlock the vast renewable potential of the continent."

(USD 1.0 = EUR 0.901)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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