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The Renewable Energy Performance Platform 2 (REPP 2), a private debt fund run by UK-based climate and impact fund manager Camco, has provided a €12 million senior debt facility to Afreenergy Solar. The facility will be used to refinance an operating portfolio of rooftop solar assets and to fund the construction of new solar PV and battery storage projects for established commercial and industrial (C&I) customers in Senegal.
The REPP 2 financing will support the expansion of Afreenergy Solar’s portfolio from 2.7 MWp to 14.9 MWp of rooftop solar PV capacity, alongside 5.7 MWh of battery storage.
The facility complements €4.3 million of platform equity committed earlier this year by InfraCo, the project development arm of the Private Infrastructure Development Group.
“REPP 2 is backing Afreenergy Solar because it has built a scalable C&I model around long-term customer contracts and a growing portfolio of operating and development assets,” said Benjamin Hugues, director at Camco. “This facility gives the business the balance-sheet capacity to accelerate deployment in Senegal and build a platform for larger industrial and mining projects across Africa.”
“Competitive, long-term project finance is critical to delivering energy at scale and at the best possible cost to African businesses,” commented Christian Cachat, chief executive officer of Afreenergy Solar. “Combined with the equity secured earlier this year, REPP 2’s facility strengthens our ability to invest in, own and operate assets under long-term energy agreements and provides a strong foundation for expansion into new markets and larger industrial and mining projects.”
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