November 21 (Renewables Now) - The European Investment Bank (EIB) is considering extending USD 50 million (EUR 42.6m) in financing to emerging markets investment manager New Sparta Asset Management (NSAM) for investing in renewable energy projects in Africa.
The loan is under appraisal by the EIB as of Monday, November 20, according to information released on EIB's website.
Under the plan, the UK-based investment firm will set up an equity fund targeting renewable energy schemes with capacities ranging between 10 MW and 60 MW in Africa. Through the fund, NSAM will seek to inject equity capital in 10-15 greenfield renewable energy schemes, mostly in Sub-Saharan Africa, including solar, onshore wind, biomass, small-scale hydropower and potentially geothermal technologies.
The overall value of the project is estimated at about USD 250 million.
(USD 1.0 = EUR 0.852)