African Development Bank Funds Sub-Saharan Africa’s Renewable Energy
A $20 million investment in the Metier Sustainable Capital International Fund II has been approved by the African Development Bank (AfDB), which channels funding for sub-Saharan Africa’s green power and resource efficient infrastructure projects.
The funding will contribute to the production of an additional 178.5 megawatts of renewable power for commercial and residential use across sub-Saharan Africa. To ensure that potential risks are mitigated properly, the Fund will meet the Bank’s strict environments and safeguarding standards.
“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,” Wale Shonibare, AfDB Acting Vice President for Power, Energy, Climate Change and Green Growth said.
Metier is a well-established fund manager with a track record of deploying more than $550 million in African countries and has played a key role in South Africa’s solar power.