Helios Investment Partners has raised an initial $200 million for climate mitigation and adaptation projects with the backing of Britain’s development bank, the European Investment Bank and other climate investors.
Other investors in the Helios Climate, Energy Access, and Resilience (CLEAR) Fund, which aims to raise $400 million and become the largest Africa-focused climate fund, included the Dutch development bank, the partners said in a statement.
The fund will target companies in low-carbon energy; climate-smart agriculture and food; climate-friendly mobility and logistics; recycling and resource efficiency; and digital and financial climate “enablers”, they said.
Research commissioned by the UK’s Mobilising Institutional Capital Through Listed Product Structure programme, which aims to help drive sustainable development, said sub-Saharan Africa’s renewable energy market represented a potential investment opportunity of $193 billion by 2031.
Yet the International Renewable Energy Agency estimates that Africa currently attracts only 3% of global energy investment, the statement said.
“As the UK’s development finance institution, this investment also reinforces BII’s commitment to supporting Africa’s green transition,” said Christopher Chijiutomi, Managing Director and Head of Africa at British International Investment, the UK’s development institution.
Gilles Vaes, chief executive officer at InfraCo Africa, which also invested, said it was “a watershed moment for African growth businesses – and the associated infrastructure – seeking to address the climate crisis.”
“CLEAR will unlock much-needed access to finance and exit routes for climate entrepreneurs whilst giving investors comfort that their investments will generate the growth they expect and support global efforts to address climate change.”
