By Isabella Kaminski
Africa Renewables, an international renewable energy trading company with headquarters in London, has begun fundraising for biomass projects across West Africa.
The company is looking for €30 million from investors to fund sustainable projects in Africa involving biomass extraction and exportation over the next four years.
The first project, developing Ghana’s biomass extraction chain, requires €5m in investment. The project involves harvesting redundant rubber trees and processing them into woodchips, which are then sold to European power houses and businesses as replacements for coal. The project is facilitated by an 8 year partnership with Ghana Rubber Estates Ltd (GREL).
According to Africa Renewables, the partnership with GREL breaks new ground in connecting African produced biomass to European energy firms because at present almost all biomass currently imported into the EU comes from the Americas.
Jean-Francois Guillon, CEO of Africa Renewables (AfriRen), says: "We are seeking strategic investors in London and internationally who have a track record and deep understanding of investment in Africa. AfriRen projects are multinational, are made across the supply chain to maximise returns.
"Most importantly, and unlike other biomass producers, our supplies are guaranteed. We have already had interest from a number of private equity firms and the current investment climate seems to be positive."
Sonia Medina, COO of AfriRen, says: “We aim to become the largest biomass producer in Africa and to treble the amount exported from the continent to Europe over the next four years.”