Camco nears financial close for Spark Energy Services

Fund manager Camco has announced commitments of almost $25 million in equity and debt funding for Spark Energy Services, its financing platform supporting energy efficiency and captive solar initiatives in sub-Saharan Africa’s commercial and industrial (C&I) sector.

Equity commitments have come from specialist development agency FSD Africa Investments (FSDAi), Jaltech Fund Management and Camco, which designed and manages Spark, with the European Investment Bank (EIB) and Symbiotics Investments being amongst a group of lenders providing junior and senior debt to the platform.

Commitments have so far been made for the full equity allocation for Spark’s $50 million targeted initial close, including $3 million from UK government-funded FSDAi, $2.2 million from Jaltech Fund Management and over $3 million from Camco. EIB is the sole junior lender, having committed $10 million in junior debt, with Symbiotics Investments committing $5 million in senior debt as part of a senior debt consortium expected to commit up to $30 million by Q4 2023. Camco is now targeting the close of $50 million by Q4 2023 and a subsequent close of at least $100 million within two years.

* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.