Metier Sustainable Capital Fund Receives $20mn from AfDB for Developing Renewabl...

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Jan 2020
Global, January, 07 2020 - This will reportedly channel the funds to renewable energy and resource-efficient infrastructure projects across Sub-Saharan Africa.

The African Development Bank's board of directors have recently approved an investment of around USD 20 million in the Metier Sustainable Capital International Fund II. This will reportedly channel the funds to renewable energy and resource-efficient infrastructure projects across Sub-Saharan Africa.

The African Development Bank's funding will contribute to production of an additional 178.5 MWs of renewable power for commercial and residential use. It will also create opportunities for industrial waste water treatment and waste-to-energy generation. The Fund will meet the Bank's strict environment and safeguards standards to ensure potential risks are adequately mitigated.

"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," the African Development Bank's Acting Vice President for Power, Energy, Climate Change and Green Growth, Wale Shonibare said while highlighting the relevance of the project. According to him, the investment was part of the Bank's efforts to alleviate financing constraints in the renewable energy sector.

Metier Sustainable Capital is a well-established fund manager with a track record of deploying over USD 550 million in African countries, including solar, wind and hydro power projects in Southern and East African regions. It also has a key player in South African solar power. "We embrace the strong synergies between the mandate of the AFDB and Metier Sustainable Capital Fund II. We look forward to jointly delivering a portfolio of clean energy and resource efficient investments," the Managing Principal at Metier Sustainable Capital, Marc Immerman opined.



Source : Devdiscourse
 

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