CDC Group, the UK government's development finance arm, has announced a $20 million (Sh1.81 billion) investment to back a renewable energy fund targeting independent power producers in sub-Saharan Africa.

The African Renewable Energy Fund, being managed by Mauritius-based Berkeley Energy, is targeting a final close of $200 million (Sh18.10 billion) by end of February 2015.

Its first close was $100 million in March. AREF will make investments of between $10 million (Sh904.50 million) and $30 million (Sh2.71 billion) in 10-50 megawatt power projects with a view to build up to 250MW in additional generation capacity in sub-Saharan Africa.

Eddy Njoroge, former chief executive of the Kenya Electricity Generating Company, is one of the Berkeley Energy investment committee. Berkeley is to have an operational headquarters in Nairobi.

Source : the-star.co.ke