Harith launches pan-African renewable energy fund
Harith General Partners, an investor in African infrastructure, and Anergi Group, an African power provider, have partnered to establish the Pan-African Renewable Energy Fund (PAREF) to accelerate renewable energy adoption across Africa. ”The $300 million fund will be key to bridging the energy access gap across the continent, while contributing to the just transition of energy by accelerating Africa’s move to low-carbon economies in a socially responsible manner,” read a statement by Harith.
The IEA estimates that closing the energy access gap in sub-Saharan African countries will require an estimated annual investment of $28 billion from now until 2030, including $13 billion for mini-grids, $7.5 billion for grid investments and $6.5 billion for off-grid investments.
PAREF’s investments will seek to accelerate the execution of renewable energy projects on the continent through development and financing mechanisms targeted at greenfield and brownfield projects. PAREF will also aim to convert high carbon-emitting sources of power supply to less carbon-intensive options, and will accelerate the adoption of value-enhancing power production and storage technologies. PAREF aims to provide secure, affordable and low carbon sources of energy to drive industrial activities and socio-economic growth in Africa.
PAREF will build on the track record established by Anergi, a Harith-backed energy investment vehicle, in developing, financing and executing some of the largest independent power projects in Africa. Anergi’s portfolio comprises five operating assets and a total installed renewable and thermal capacity of 1,413MW, supplying up to 23 million customers across Ghana, Kenya, Nigeria and South Africa.