As Panchabuta had reported in November last year, The Asian Development Bank (ADB) had said that it would infuse $20 million in UK-based Renewable Energy Asia Fund.
The Renewable Energy Asia Fund is managed by English fund manager Berkeley Energy which was founded in 2007 by principals TC Kundi, Robert Renfrew, Jeremy Smith and Alastair Vere Nicoll. Berkeley Energy seeks to make equity investments into development stage renewable energy projects and project developers, mature and consolidate these investments into operating portfolios and generate superior returns through successful exits.
According to Berkeley Energy, the Renewable Energy Asia Fund (‘REAF’) invests into post-permitted projects and project developers with a technology focus is wind, small hydro, biomass, solar, geothermal and landfill gas and a primary geography focus of India and additional target markets including Philippines, Sri Lanka, Thailand and Vietnam.
In an announcement, OPIC has approved $62 million in financing to this fund, which targets renewable energy projects and project developers in Asia, primarily India and the Philippines. The fund focuses on mature renewable technologies, such as wind and small hydro, to help close the sizeable electricity demand-supply gap in its target markets. The fund currently has $125 million under management, which would increase to $187 million with the OPIC financing.