Multinational - Africa Renewable Energy Fund II Support Facility

This intervention concerns Africa Renewable Energy Fund II Support Facility. The project consists of the design of and investment in a “catalytic” tranche in the Africa Renewable Energy Fund II to support the mobilization of private investors and sustain capital flows for energy access and climate action in Africa. AREF II will finance the development and construction of Independent Power Producers (IPPs), providing equity to a portfolio of 19 projects run-off-river hydro plants and hybrid/storage opportunities, including solar PV and battery storage technologies, with a total expected energy generation capacity of 843 MW. Identified projects are located in Angola, Cameroon, Kenya, Madagascar, Uganda and Zambia. The project will yield outcomes as follows: (i) new renewable capacity installed (843 MW); (ii) direct employment (1,066 full-time equivalent jobs of which 30% for women); (iii) people with new electricity connections (22.8 million across the target countries); (iv) reduction of carbon emissions (928 ktCO2e/year); (v) total volume of investment mobilized (close to USD 1,895 million of total projects costs).