African Renewables secures funding for subsidiary project
Biomass producer Takoradi Renewable Energy (TRE) was secured a $5 million (€4 million) credit facility to support its first biomass energy project in Africa.
TRE, a subsidiary of African Renewables (AR), received the backing from the Standard Chartered Bank in Ghana which finalises AR’s Ghanian distribution chain following other deals with Verdo Energy and Ghana Rubber Estates.
It is hoped the investment will help AR to double biomass exports from Africa to Europe by 2016. It will also seek further investments of up to $30 million in order to replicate its projects across West Africa.
‘This credit facility gives us a firm foundation while allowing us the freedom to expand quickly elsewhere in West Africa,’ says AR COO Sonia Medina. ‘The Standard Chartered Bank has been extremely enthusiastic about our future projects from day one.’