– The Board of Directors of the African Development Bank has approved a US$20
million investment in the Metier Sustainable Capital International Fund II.
channels investments to renewable energy and resource-efficient infrastructure
projects across sub-Saharan Africa.
investment will contribute to the production of an additional 178.5MW of
renewable power for commercial and residential use.
will also create opportunities for industrial wastewater treatment and
will meet the Bank’s strict environment and safeguards standards to ensure
potential risks are adequately mitigated.
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 and co-developers in Southern Africa.”
added: “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.”
He said the
investment was part of the Bank’s efforts to alleviate financing constraints in
the renewable energy sector.
Metier is a
well-established fund manager with a track record of deploying more than US$550
million in African countries, including solar, wind and hydropower projects in
Southern and East Africa.
has been a key player in South African solar power, a maturing technology that
offers significant benefits in terms of storage and dispatchability to the
grid, unlike traditional photovoltaic options.
Immerman, managing principal at Metier Sustainable Capital, said: “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.”
Development Bank Group or Banque Africaine de Développement is a multilateral
development finance institution.
The AfDB was
founded in 1964 and comprises three entities: The African Development Bank, the
African Development Fund and the Nigeria Trust Fund.
mission is to fight poverty and improve living conditions on the continent
through promoting the investment of public and private capital in projects and
programs that are likely to contribute to the economic and social development
of the region.
The AfDB is
a financial provider to African governments and private companies investing in
the regional member countries (RMC).