Berkeley REAF II (IFC-37536)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 29, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RENEWABLE ENERGY ASIA FUND II, L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 26, 2018

Disclosed by Bank Dec 22, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Berkeley Renewable Energy Asia Fund II (“REAF II” or the “Fund”) is a 10-year private equity (“PE”) fund which aims to raise $250 million commitments to be invested in renewable energy projects in emerging markets in South and Southeast Asia. REAF II will make equity investments into development stage renewable energy projects and project developers, mature these investments into operation and generate enhanced returns through successful exits either on an individual asset basis or as a portfolio or collection of portfolios. The Fund will be managed by Berkeley Energy (“Berkeley” or the “Manager”), an independent fund manager established in 2007 that has been focusing on investment opportunities in renewable energy in emerging markets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

This project finances a 10-year private equity investment in the Berkeley Renewable Energy Asia Fund II, which will be managed by Berkeley Energy, an independent fund manager established in 2007 that has been focusing on investment opportunities in renewable energy in emerging markets.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Berkeley Renewable Energy Asia Fund II is a 10-year private equity fund which aims to raise $250 million commitments to be invested in renewable energy projects in emerging markets in South and Southeast Asia.

Berkeley Energy Corp. is an independent PE fund manager established in 2007 by Mr. Tarlochan (TC) Singh Kundi and Mr. Alastair Vere Nicoll with the key objective of capitalizing in a sustainable manner on the attractive, yet relatively untapped opportunity for direct investment into renewable energy investments in emerging markets. In Asia, Berkeley’s investment team is located in Singapore, New Delhi and Manila.

 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Michael Brown
Investment Director
82 Amoy Street Singapore 069901
Tel: +65 6750 4505
Email: mailto:MBrown@Berkeley-Energy.com
Website: http://www.berkeley-energy.com

ACCOUNTABILITY MECHANISM OF IFC


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works