March 28 (Renewables Now) - The Meridiam Infrastructure Africa Fund (MIAF), which was reopened in November 2018, has achieved a EUR-546-million (USD 613.5m) close, thus more than doubling its initial size.
The reopening of the fund was subscribed to by half of the historical and existing partners, independent investor Meridiam announced today, adding that it has surpassed its initial target of EUR 510 million.
The fund was launched in 2015 for an initial amount of EUR 207 million, with the purpose of investing in greenfield infrastructure projects in Africa. So far, it has financed and developed 14 major projects, together exceeding EUR 3 billion.
Among these assets are four solar parks in Senegal with a combined capacity of 140 MWp, the 500-MW Tulu Moye geothermal power station in Ethiopia and the Biokala biomass power plant in Cote d'Ivoire. It also backed NEoT Offgrid Africa (NOA), a joint venture between Meridiam, EDF and Mitsubishi Corporation focused on the development of distributed energy projects in Africa.
(EUR 1.0 = USD 1.124)