Renewable energy projects will be eligible for a slice of a hoped-for $250 million fund which is being launched to finance “urban climate infrastructure” in West Africa.
The credit facility is being set up by the ARM-Harith Infrastructure Investments Ltd joint venture established by Nigerian financial services business Asset & Resource Management Holding Co Ltd, and Johannesburg-based private equity firm Harith General Partners.
A press release issued today to publicize plans for the ARM-Harith Cities and Climate Transition (ACT) Fund stated the facility is being designed with the help of the Global Innovation Lab for Climate Finance backed by the governments of the Netherlands, Germany, Sweden, and the U.K., plus the New York-based Rockefeller Foundation.
It is hoped the fund will raise $250 million of ‘blended‘ – public and private – finance to back clean energy projects as well as sustainable mobility, waster and waste infrastructure in the West Africa region, with a focus on Nigeria.
Quoted in the press release, Harith General Partners deputy chief executive Alwyn Wessels said: “Harith, as a partner with, and investor in infrastructure funds across Africa, is excited by the prospects of the ACT fund, and the potential for the fund to promote real climate action in West Africa.”
The ARM-Harith Infrastructure Investments Ltd joint venture is regulated in Mauritius.
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