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EC’s clean energy fund to invest €22m in Africa and Asia

The Global Energy Efficiency and Renewable Energy Fund (GEEREF) set up by the European Commission, has decided on a first set of investments totalling €22 million in Africa and Asia.
The GEEREF Investment Committee has given preliminary approval to investments totalling €22 million in two commercial renewable energy investment funds, one focusing on projects in sub-Saharan and southern Africa and the other in Asia with a primary focus on India.

Both funds will invest equity in renewable energy projects such as wind energy generation, small hydro-electric generation, biomass and methane recovery. In the regions where the two funds operate, there is a lack of equity investment available through the market for these types of projects.

"1.6 billion people worldwide still have no regular access to reliable energy services. GEEREF investments will accelerate the transfer, development and deployment of environmentally sound technologies, and thereby help to bring secure and clean energy supplies to people in poorer regions of the world," says Louis Michel, European Commissioner for development and humanitarian aid.

Decided on by the Commission in 2006, GEEREF will primarily invest in renewable energy and sustainable energy infrastructure funds and similar investment structures tailored to regional needs and conditions. With other partners, it will also co-invest in specific projects. The focus will be mainly on investments below €10m as these are mostly ‘ignored’ by private investors and international finance institutions.

It is envisaged that GEEREF will invest in regional sub-funds for the African, Caribbean and Pacific (ACP) region, North Africa, non-EU Eastern Europe, Latin America and Asia. Together the European Commission, Germany and Norway have committed about €110m to the GEEREF over the period 2007-2011 and it is envisaged that further financing from other public and private sources will be forthcoming.

Additional information:
News date: 16/12/2008

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