By Jimoh Babatunde
The Metier Sustainable Capital International Account II, which channels funds to renewable energy and resource-efficient infrastructure projects across Sub-Saharan Africa, is being supported by a $20 million investment from the African Development Bank.
The expense approved by the Board of Directors associated with the Africa Development Financial institution will contribute to production of an additional 178. 5 megawatts of renewable power for commercial and residential use and also create opportunities for industrial waste water treatment and waste-to-energy generation.
The Finance will meet the Bank’s strict environment plus safeguards standards to ensure potential risks are adequately mitigated.
Highlighting the relevance of the project, Wale Shonibare, the Bank’s Acting Vice President for Power, Energy, Climate Change & Green Growth, said: “Metier has extensive experience in developing and financing renewable energy projects with strong technical partners in addition to co-developers within Southern Africa.
“We are pleased to join other investors in supporting their expansion into new African markets to help unlock the vast renewable potential from the continent. ”
He said the particular investment was part of the Bank’s efforts to alleviate funding constraints in the renewable power sector.
Metier is a well-established fund manager with a track record regarding deploying more than $550 million inside African countries, including solar, wind and even hydro power projects throughout Southern together with East The african continent.
The company} has been a key player around South Photography equipment solar power, a maturing technology that offers significant benefits on terms involving storage and additionally dispatchability in order to the grid, unlike traditional photovoltaic options.
Marc Immerman, Managing Principal at Metier Sustainable Funds, said: “We embrace typically the strong synergies between this mandate connected with the AFDB and Metier Sustainable Money Fund II. We look forward to jointly delivering the portfolio with clean vitality and resource efficient investments. ”