Frontier Energy II, an investment fund specializing in the development of energy projects, has announced that it has raised $227 million, which has mainly been invested in East Africa.
The organization, which plans to expand in the medium term to other countries in sub-Saharan Africa, started in 2007 with an initial capital of $70 million. This amount increased to $116 million in 2017 and then to 227 in 2019. In doing so, the organization exceeded its initial forecast of $200 million investment for the same term.
Among other participants in this capital formation, is the international insurer Allianz.
"Our investment in the fund is an important addition to our investment strategy in Africa and our global renewable energy portfolio. This is a good illustration of how we can access difficult markets, with a risk/return on investment quota, by partnering with fund managers with a strong local presence and European funding institutions. as investors,” said Sebastian Schroff, director of private investments and opportunities at Allianz.