French asset manager Rgreen Invest and Echosys Invest have successfully closed their African green energy investment fund, securing €100 million ($104.8 million) in total commitments.
Rgreen announced on Thursday that the Afrigreen Debt Impact Fund has met its funding target. The fund has gained backing from key institutions, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Dutch development bank FMO, France’s Proparco, Societe Generale, and BNP Paribas.
After achieving its first close in early 2023, the fund has focused on financing commercial and industrial (C&I) projects, as well as small utility-scale solar developments across Africa. It aims to support 15-20 projects and portfolios.
So far, Afrigreen Debt Impact Fund has completed six transactions, investing in solar assets across Nigeria, Morocco, and Botswana.
Echosys Invest CEO Olivier Leruste emphasized that these investments have highlighted a strong pipeline of sub-30 MW utility-scale projects that can connect to national grids without requiring
Source:renewablesnow.com
African Energy Council