The Africa Renewable Energy Fund (AREF) invests in small hydro, geothermal, solar, and biomass projects across Sub-Saharan Africa, excluding South Africa. It held its first close in March 2014 following Berkeley Energy winning a competitive tender for a cornerstone investment from the African Development Bank and held its final close in September 2015.
Berkeley Energy Funds
Berkeley Energy currently has three funds under management, two in relation to Asia: the Renewable Energy Asia Fund (REAF) which is fully deployed and the Renewable Energy Asia Fund II (REAFII) and the other in relation to Sub-Saharan Africa: the Africa Renewable Energy Fund (AREF). REAF, REAF II and AREF invest into development stage renewable energy assets using proven technologies.
Berkeley Energy is developing a portfolio of renewable power projects with a primary focus on solar PV located on the premises of and selling power to highly creditworthy commercial and industrial (C&I) consumers including multinational companies and national conglomerates. Investments are supported by local renewable energy legislation and commercial market drivers. Berkeley Energy develops projects and manages projects through construction and into operations.
9 Investments
$200m Fund Size
6 Countries
Portfolio
Maroantsetra - Hydro - Madagascar
Maroantsetra is a 2.4MW run-of-river hydropower project located on the Voloina River, 30km west of Maroantsetra town in Toamasina Province in the north-east Madagascar. The project which achieved COD in August 2010 has an annual...
Mahitsy - Hydro - Madagascar
Mahitsy is a 28MW run-of-river hydropower project located on the Ikopa River, 35km north-west of the capital, Antananarivo. The project is under construction with targeted completion in Q1 2021 and is estimated to have an...
Dibombe - Hydro - Cameroon
Dibombe is a run of river project with a proposed installed capacity of 62.6MW and located along the Dibombe River in the Littoral region in the Francophone part of Cameroon. The project is under development...
Chipapaso - Hydro - Zambia
Chipapaso is a 9.9MW run of river hydro project located on the Munensi River, a tributary of the Munyamadzi River in Mpika District in Muchinga Province in Zambia. The project is under development and expected...
Vuka - Hydro - Angola
The Vuka hydro projects are located along the Cuango River in the province of Lunda Norte in Angola. Three sites have been initially identified and are under development. The project sites are estimated to possess...
Sahanivotry - Hydro - Madagascar
Sahanivotry is a 16.5MW run-of-river hydropower project located on the Ampamehana River, 30km south of the third largest town, Antsirabe, in central Madagascar. The project has been operational since achieving COD in October 2008 and...
Achwa 1 - Hydro - Uganda
Achwa 1 is a 42MW run-of-the-river hydropower project located in Northern Uganda, in the districts of Pader, Gulu, and Kitgum, along the Achwa River. The project is under construction and is expected to be completed...
Achwa 2 - Hydro - Uganda
Achwa 2 is a 41MW run-of-the-river hydropower project located in Northern Uganda, in the districts of Pader, Gulu, and Kitgum, along the Achwa River. The project became operational after achieving deemed commercial operations in October...
Kikagati - Hydro - Uganda / Tanzania
Kikagati is a 16MW run-of-river hydropower project located along the Kagera River in South-Western Uganda on the Tanzania-Uganda border. The project is under construction and estimated for completion in Q1 2021. This project is the...
Bugoye - Hydro - Uganda
Bugoye is a 13MW run-of-the-river hydroelectric power plant located in Bugoye sub-county, Kasese district, which is at the foot of the Rwenzori Mountains in Western Uganda. The project is operational with an annual average generation...
Corbetti - Geothermal - Ethiopia
Corbetti is a 150MW geothermal project located in the Corbetti Caldera, approximately 250km south-west of Addis Ababa in between the towns of Shashamene and Hawassa in the Oromia Region of Ethiopia. Corbetti signed an amended...
The Renewable Energy Asia Fund II (REAF II) invests in small hydro, wind, solar, and biomass projects in Asian developing markets, with a primary focus to date in India, the Philippines, and Indonesia. REAF II held its first close in March 2016 and final close in November 2017.
8 Investments
$200m Fund Size
3 Countries
Portfolio
Quantum - Solar - Indonesia
Gorontalo Solar Power Plant is a 10.8 MW (AC) Solar PV power plant, with single-axis trackers and 45,480 solar panels, located in the Gorontalo community, known as Molowahu, Gorontalo Province. The project is part of...
IPC - Hydro -Philippines
Isabela Power Corporation (“IPC”) is developing two small run-of-river hydro projects, totaling 33MW, located in the Province of Isabela in Luzon, Philippines. The Projects are located on the same river, with the first project farthest...
Lombok - Solar - Indonesia
Lombok Sambelia Solar Power Plant is a 5.4 MW (AC) Solar PV power plant, with single-axis trackers and 21,960 solar panels, located in the Padak Selatan community, known as Sambelia, East Lombok regency – West...
Prakreetee - Solar - India
Prakreetee Solar is a 10MW operational solar power project developed by Berkeley Energy through its Indian portfolio entity Prakreetee Solar Energy Godawari Private Limited in the Beed District in the state of Maharashtra, India. The...
SKE - Hydro - Indonesia
Selo Kencana Energi (SKE) is a portfolio company of REAF II owning the ‘Luduk Gadang’ 8MW run-of-the-river hydropower project located in South Solok Regency, West Sumatra, about 170km southeast of the city of Padang, Indonesia....
Berkeley Energy established Berkeley Energy Commercial Industrial Solutions (“BECIS”) as a permanent capital corporate in July 2019 with REAF II, FMO, and Berkeley as shareholders. BECIS provides distributed energy solutions including solar PV and bioenergy solutions, co-located with and to high quality commercial and industrial customers with teams and assets in India, Thailand, and Indonesia currently and near-term expansion into other markets in South East Asia.
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The Renewable Energy Asia Fund (REAF) invested into small hydro, wind, geothermal, landfill gas, and biomass projects in Asian developing markets, with a primary focus on India and the Philippines. It held its first close in December 2009 and its final close in April 2011. It is fully invested.
8 Investments
$100m Fund Size
2 Countries
Portfolio
PHESI - Wind - Phillippines
Philippines Hybrid Energy Systems Inc (PHESI) is the owner-developer and operator of a 48.0MW wind power project located in the Province of Puerto Galera, Oriental Mindoro, Philippines. The first phase of the project is composed...
MMPC - Landfill - Philippines
Montalban Methane Power Corporation (MMPC) is an 8MW landfill gas generation project situated in Rizal, Philippines, a province that borders Metro Manila. The project extracts landfill gas from the Montalban landfill site to generate electricity for supply to the Luzon grid. The...
Panama Satara - Wind - India
Satara Wind is a 72MW (70.4MW operational) wind power project developed by Berkeley Energy through its Indian portfolio entity Panama Wind Energy Private Limited in the Satara district in the state of Maharashtra, India. The...
Lake Mainit - Hydro - Philippines
Lake Mainit is a 25MW hydroelectric power project located in the Province of Agusan del Norte Province, Mindanao, Philippines. Berkeley Energy, through its portfolio company Agusan Power Corporation, developed the project and is currently undertaking...
Panama Mirkala - Wind - India
Mirkala Wind is an 80MW operational wind power project developed by Berkeley Energy through its Indian portfolio entity Panama Wind Energy Godawari Private Limited in the Beed District in the state of Maharashtra, India. The...