Berkeley Energy Raises Asian Renewable Energy Fund

Berkeley Energy has raised €50.7 million for its Reneable Energy Asia Fund, which will back renewable energy projects in India and other developing countries in Asia. Backers include CDC Group PLC, which committed €10 million.


The UK’s development finance institution, CDC Group plc (“CDC”), has today committed EUR10 million to a groundbreaking investment fund that will back renewable energy projects in India and other developing countries in Asia.
CDC’s financial commitment to Berkeley Energy’s Renewable Energy Asia Fund (“REAF”) will support the fund’s investments in private sector companies aiming to tap into the growing demand for clean energy infrastructure in Asia.
CDC has committed its capital alongside five other experienced emerging market investors, allowing REAF to raise €50.7m for future investments in green energy. REAF will use the capital it has raised to make equity investments of between €5m and €15m in development stage renewable energy projects and technology, with a focus on wind, small hydro, biomass and solar power.
CDC Managing Director, Hywel Rees-Jones said:
“In the week that world leaders meet in Copenhagen to focus on climate change reductions in both developed and developing countries, I am pleased that CDC is able to invest in a fund committed to private sector investments in green, sustainable energy supply.
“We’re backing this first-time fund because we know that the growing demand for electricity in India and other developing Asian economies and their historic underinvestment in renewable technology means that REAF has a real opportunity for commercial success. This is a real chance to boost the viability of renewable energy within the private sector in India.”
50% of India’s electricity is currently being generated by coal, a quarter by hydro power and around 10% by gas. As electricity demand outstrips supply there is huge potential for renewable energy, yet estimates suggest only 5% of India’s renewable resources are currently being exploited.
Berkeley Energy is a private equity fund manager specialising in renewable energy infrastructure investments in developing economies, particularly in Asia. They have widespread experience in power generating assets in developed and emerging markets and share many years of development, construction, operations and investment expertise.