Page 15 - AfrElec Week 27 2022

AfrElec RENEWABLES AfrElec

Pan-African Renewable Energy

Fund to close Africa’s $28bn

energy access gap

AFRICA HARITH General Partners has joined with He said Anergi is pleased to work with Harith
Anergi Group to establish Pan-African Renew- on establishing the fund to unlock greater syn-
able Energy Fund (PAREF) to accelerate renew- ergies, provide value to investors and build on a
able energy adoption across the continent. long-term partnership between firms that have
The $300mn fund will be key to bridging the been running for over 13 years.
energy access gap across the continent while Anergi is committed to using its pro-
contributing to the just transition of energy by ject development experience, expertise and
accelerating Africa’s move to low-carbon econo- resources to convert the pipeline of renewable
mies in a socially responsible manner. opportunities into operational assets to provide
The International Energy Agency (IEA) esti- secure and affordable lower-carbon sources of
mates closing the energy access gap in sub-Sa- power.
haran African countries will require an annual Anergi is wholly owned by Pan-African
investment of about $28bn from now until 2030, Infrastructure Development Funds and man-
including $13bn for mini-grids, $7.5bn for grid aged by Harith which is a leading pan-African
investments and $6.5bn for off-grid. fund manager for infrastructure development.
South Africa-based Harith with Anergi of Anergi’s portfolio comprises five assets both
Mauritius said PAREF aims to provide secure, operational and being built, of combined 1,413
affordable low carbon sources of energy to drive megawatts (MW) of thermal and renewable
industrial activities and socio-economic growth energy in Ghana, Kenya, Nigeria and South
in Africa. Africa.
“PAREF’s investments will seek to accelerate Harith’s Chief Executive Officer Sipho
the execution of renewable energy projects on Makhubela said the Pan-African Renewable
the continent through innovative development Energy Fund fund presents a key opportunity
and financing mechanisms targeted at greenfield to invest in the transformation of the continent’s
and brownfield projects,” said the firms in a joint energy economy.
press release of June 20. “PAREF is an important and urgent response
PAREF will also aim to convert high car- to climate change by accelerating Africa’s race to
bon-emitting sources of power supply to less net zero, transitioning to a low carbon future and
carbon-intensive options and will accelerate the connecting millions of Africans to sustainable,
adoption of value-enhancing electricity produc- green energy,” he said.
tion and storage technologies. Of the 770 mn people without access to elec-
Anergi’s Acting Chief Executive Officer Neil tricity, 75% live in sub-Saharan Africa. Coal, oil
Hopkins said the objective of PAREF is in line and biomass continue to play a significant part in
with Anergi’s strategy and mandate to be a key the energy supply chain and Africa is extremely
player in the implementation of the energy tran- vulnerable to climate change. ™
sition across Africa.

Week 27 07•July•2022 www. NEWSBASE .com P15