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
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
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
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
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.