At the COP22 conference last week, the Global Energy Efficiency and Renewable Energy Fund, (GEEREF), a fund-of-funds backed and advised by the European Investment Bank, announced that it has agreed to back Catalyst Investment Partners’ MENA Clean Energy Fund with $16.6 million.
While Catalyst’s fund will initially target investments in Jordan, the plan is to expand its investment deal sourcing and transaction activity to Morocco, Tunisia and Egypt eventually. The fund’s principal strategy is to invest in solar energy related infrastructure opportunities, primarily solar photo voltaic, across the MENA region. It will also review small scale renewable energy and energy efficiency projects in the region, in both solar thermal projects for heating and cooling as well as in businesses selling services to the renewable energy of energy efficiency industries.
“Together with our partners, we decided to invest in the Catalyst MENA Clean Energy Fund to help bridge the financing gap for private sector-led renewable energy and energy efficiency projects in the MENA region,” said Mónica Arévalo, a Senior Investment Manager with GEEREF. “We believe through this fund we will be able to bring strong value added to the target countries in clean energy generation and greenhouse gas emission savings, coupled with supporting best environmental and social practices.”