Oct 05, 2016 – Renewables Now
DEG, part of German development bank KfW Bankengruppe, said Tuesday it has invested EUR 10 million (USD 11.2m) in Catalyst MENA Clean Energy Fund LP.
The fund, launched by Catalyst Private Equity, has secured commitments amounting to USD 48 million (EUR 43m) in its first closing. It will be investing in renewable energy projects, with a focus on solar, and mid-sized enterprises in the renewable and energy efficiency sectors. Geographically, the fund is focused on Jordan, but it may also invest in Morocco, Egypt and Tunisia.
DEG, or Deutsche Investitions- und Entwicklungsgesellschaft mbH, said the other investors in the fund include GEEREF, a fund-of-funds advised by the European Investment Bank (EIB), and development finance institutions FMO and Finnfund from the Netherlands and Finland.
Catalyst MENA Clean Energy Fund aims to secure up to USD 100 million. It is expected to invest in over 600 MW of renewable energy and help diversify the energy mix in Jordan and the other target countries.
So far, more than 70 MW of photovoltaic (PV) projects have been contracted by Catalyst in Jordan.
“As an anchor investor in Catalyst MENA Clean Energy Fund, DEG will help mobilize commitments from additional investors as well as support the development of renewable energy in Jordan and the region," said Tilman Kruse, DEG’s head of Corporates & Funds Europe/Middle East/Central Asia.