Comment
APSD is financed by the African Development Bank’s initiative, the Africa Renewable Energy Fund (AREF), which is managed by Berkeley Energy, a pan-African equity fund on renewable energy infrastructure. (3) This Fund has other investors, including CDC, the UK’s development finance institution, and BIO, the Belgian investment company for developing countries. (4) Moreover, the project is also financed by Erling Lorentzen, founder of the Brazilian pulp and paper company Aracruz Celulose, which plantations nowadays are part of the giant pulp and paper company Suzano.