EIB ponders support for renewable energy funds in Africa, EU

Noupoort Wind Farm, South Africa. Source: Mainstream Renewable Power. License: All Rights Reserved

May 23 (Renewables Now) - The European Investment Bank (EIB) is appraising the possibility of making an equity investment of USD 30 million (EUR 26.7m) into the Evolution II fund that targets renewables and energy efficiency projects in Sub-Saharan Africa.

EIB says on the project page that the particular fund will focus on renewable energy infrastructure and energy efficiency projects, and on possibly making growth equity investments in companies involved in these sectors. The fund seeks a total of USD 250 million.

The targeted projects will be located in Central Africa, Southern Africa, West Africa and East Africa. They will be mainly small and medium-sized.

EIB started the appraisal on May 22.

Meanwhile, a different project being appraised since May 17 could see EIB support an infrastructure equity fund focused on France and other EU nations with EUR 50 million (USD 56m) in finance. The particular fund will be looking for wind power and other renewables and energy efficiency projects, including solar, small hydro and biomass. Heat generation and distribution and street lighting are also among the targeted areas. Overall, that fund seeks EUR 200 million.

(USD 1.0 = EUR 0.892)

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