African Development Bank approves $20 millions investment in Metier Fund to support renewable energy in Sub-Saharan Africa
The
Board of Directors of the African Development Bank has approved a $20 million
investment in the Metier Sustainable Capital International Fund II, which
channels funds to renewable energy and resource-efficient infrastructure
projects across Sub-Saharan Africa.
The
Bank’s funding will contribute to production of an additional 178.5 megawatts
of renewable power for commercial and residential use. It will also create
opportunities for industrial waste water treatment and waste-to-energy
generation. The Fund will meet the Bank’s strict environment and safeguards
standards to ensure potential risks are adequately mitigated.
Highlighting
the relevance of the project, Wale Shonibare, the Bank’s Acting Vice President
for Power, Energy, Climate Change & Green Growth said: “Metier has
extensive experience in developing and financing renewable energy projects with
strong technical partners and co-developers in Southern Africa. 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.”
He
said the investment was part of the Bank’s efforts to alleviate financing
constraints in the renewable energy sector.
Metier
is a well-established fund manager with a track record of deploying more than
$550 million in African countries, including solar, wind and hydro power
projects in Southern and East Africa.
The
company has been a key player in South African solar power, a maturing
technology that offers significant benefits in terms of storage and
dispatchability to the grid, unlike traditional photovoltaic options.
Marc
Immerman, Managing Principal at Metier Sustainable Capital, said: “We embrace
the strong synergies between the mandate of the AFDB and Metier Sustainable
Capital Fund II. We look forward to jointly delivering a portfolio of clean
energy and resource efficient investments.”
Source
Aucun commentaire:
Enregistrer un commentaire