Finnfund in South Sudan transaction
Finnfund has announced a $5 million mezzanine loan to Communication & Renewable Energy Infrastructure.
For the best experience, download the Africa Private Equity News app: Android | iOS
Finnfund has announced a $5 million mezzanine loan to Communication & Renewable Energy Infrastructure (CREI) to support the installation, operation, and maintenance of 413 hybrid power solutions for telecom sites in South Sudan. The project will contribute to a significant increase in solar power production and a decrease in diesel usage. It is expected to benefit over 2 million people by enhancing the reliability of the connection in a country that has the world’s poorest mobile connection.
“I can’t think of a better project to kick off the Africa Connected programme and Finnfund’s path as an implementing partner of the EFSD+ Guarantees,” says Valtter Louhivuori, head of Finnfund’s Nairobi office.
The Africa Connected programme seeks to accelerate investments in impactful digital infrastructure and solutions companies in Africa.
“Improved mobile connections contribute to economic growth and improve living standards and inclusivity through increased access to financial, education and healthcare services,” Louhivuori adds.
The financing package includes investments from the Facility for Energy Inclusion (FEI), managed by Cygnum, and ieng Group’s asset management company, Communication & Renewable Energy Infrastructure (CREI). These funds will finance CREI’s Telecom Energy Service Company in South Sudan. The financing will enable CREI to provide “energy as a service” to a telecom stakeholder in South Sudan by developing, building, operating, and maintaining energy assets.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here