South African investors Patrice Motsepe’s African Rainbow Energy and Power (Arep) and Absa Bank have launched African Rainbow Energy (ARE) as a vehicle to invest in independent power producers across Africa. The vehicle will make its initial investments in wind, solar PV and biomass projects with more than 700MW capacity. Absa is investing ZAR500m ($35m) cash and will transfer ZAR5bn of its renewable asset portfolio to ARE.
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