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
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...
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...
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...
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 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...