Cygnum-managed vehicle and Norfund back telecom energy service company
The investors have closed a $90 million long-term debt facility for CREI.
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Norfund and the Facility for Energy Inclusion (FEI) – a debt fund managed by Cygnum Capital – have closed a $90 million long-term debt facility for CREI, the telecom energy service and asset management arm of two33 Group.
This financing refinances the $55 million short-term bridge facilities provided by the lenders in 2024 and adds $35 million of new capital to support CREI’s next phase of growth. The facility will enable CREI to scale its energy-as-a-service model across Africa, providing mobile network operators with sustainable and energy resilient infrastructure to improve service quality, and expand network coverage.
“This transaction marks a significant milestone in bringing sustainable energy solutions to some of Africa’s most challenging yet promising markets – strengthening telecommunications infrastructure, driving economic growth, and advancing digital inclusion where it is needed most. By refinancing the bridge facilities previously arranged by FEI for CREI’s operations in Mali and South Sudan, and extending the facility to CREI’s operations in the Central African Republic and other countries in Africa, this transaction validates FEI’s approach of using bridge instruments to accelerate project deployment while securing long-term capital – ensuring momentum is never lost and that our clients can move at the speed these markets demand. We are proud to support CREI in this next chapter of its African expansion and look forward to the lasting impact this investment will create,” said Thibault Neveu, managing director and FEI co-fund lead at Cygnum Capital.
“Norfund is proud to strengthen its partnership with CREI and support its expansion across sub-Saharan Africa. This second financing to the company, a long-term facility, marks a significant milestone, extending our reach beyond Mali to now include South Sudan and the Central African Republic. It reflects Norfund’s commitment to bringing renewable energy and essential infrastructure to fragile states and challenging markets. By backing CREI Limited, we aim to support economic growth, job creation, and greater stability across the region,” said Birgit Edlefsen, senior vice president at Norfund.
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