Rgreen Invest and Echosys Invest have secured €100m in commitments, including support from the European Investment Bank, the International Finance Corporation and Dutch entrepreneurial development bank FMO, for a debt fund that will provide financing for solar projects in Africa.
The Afrigreen Debt Impact Fund is also backed by institutions, including French development finance agency Proparco, the Belgian Investment Company for Developing Countries, as well as private investors such as Société Générale and BNP Paribas.
The fund – managed by Rgreen and advised by Echosys – expects to finance 15 to 20 projects or project portfolios, with fundings of up to €15m and an average investment horizon of up to 10 years.
The fund, that provides long-term financing for commercial, industrial and small-scale utility solar projects, has already completed six investments across Nigeria, Morocco and Botswana.
