The Helios Climate, Energy Access, and Resilience (CLEAR) Fund has raised approximately $200 million in its first close for investment focused on climate mitigation and adaptation in Africa.
The fund, managed by Helios Investment Partners, aims to become the largest Africa-focused climate fund with a target size of US$400 million.
The fund received backing from InfraCo Africa and the UK’s FCDO, through the MOBILIST programme, along with six other climate investors, including British International Investment, The European Investment Bank, The Emerging Markets Climate Action Fund, and others.
Helios will reportedly begin investing the capital immediately, with five key areas of focus:
- Green energy solutions
- Climate-smart agriculture & food
- Green mobility and logistics
- Recycling and resource efficiency
- Digital and financial climate enablers.
Research commissioned by MOBILIST revealed that sub-Saharan Africa’s renewable energy market represents a potential investment opportunity of $193 billion by 2031.
However, estimates from the International Renewable Energy Agency (IRENA) indicate that Africa attracts only 3% of global energy investment at present.
Indeed, as Ross Ferguson, who leads the MOBILIST programme at the FCDO, outlined: “Africa must overcome a significant climate financing gap to realise its climate transition.”
Gilles Vaes, Chief Executive Officer at InfraCo Africa (PIDG), called the announcement a “watershed moment” for African growth businesses – and the associated infrastructure – seeking to address the climate crisis.”
Mobilising much-needed private capital into green sectors through this Fund will help to drive innovation and create new opportunities, contributing to a resilient and prosperous future for Africa,” said Christopher Chijiutomi, Managing Director and Head of Africa at BII.