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.
Berkeley Energy Funds & Investments
Berkeley Energy currently manages four closed end funds (two in Asia and two in Africa) and one permanent capital vehicle (global);
- The Renewable Energy Asia Fund (REAF);
- The Renewable Energy Asia Fund II (REAF II);
- Berkeley Energy Commercial and Industrial Solutions (BECIS);
- The Africa Renewable Energy Fund (AREF); and
- The Africa Renewable Energy Fund II (AREF II)
The funds are mainly focused on grid-connected, utility scale projects using traditional, proven renewable energy technologies such as hydro, wind, solar and battery energy storage systems (BESS). Investments are supported by local renewable legislation and commercial market drivers. Berkeley Energy mainly develops projects and manages them through construction and into operations and also acquires brownfield projects opportunistically.
The corporate vehicle, BECIS manages and develops a portfolio of captive onsite energy solutions such as renewable power and heat, biogas storage and energy efficiency projects. Its customers are creditworthy commercial and industrial (C&I) consumers including multinational and regional corporates.
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...
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.
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...
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...
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...
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...
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...
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.
The Africa Renewable Energy Fund II (AREF II) invests in renewable energy projects across Sub Saharan Africa excluding South Africa, with a focus on hydro, solar, battery energy storage systems (BESS) and wind technologies. AREF II held first close in June 2021 and is targeted for final close in December 2022.
3 Investments
€140M Fund Size
4 Countries
Portfolio
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...
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...
Berkeley Energy Corporate Solutions (“BECS”) has been established by Berkeley Energy, with initial funding from AREF II, to provide energy and decarbonisation solutions to high quality commercial and industrial (“C&I”) customers in Africa. BECS offers not only ground-mounted or rooftop solar photovoltaic (“PV”) plants, but also a range of other solutions including battery energy storage, uninterrupted power supply, industrial steam using sustainable biomass, energy efficiency and cooling.