Fortis African renewable energy fund reaches initial close

Fortis Green Renewables Investment Management, an investment firm providing capital to small-scale renewable energy assets in sub-Saharan Africa, recently held the initial close of its Green Fund I, which is raising capital from American individuals, family offices, and wealth management firms. The fund will invest in both greenfield and operating assets across the spectrum of renewable energy generation technologies.

Says Jonathan Shafer, managing director and co-founder, ”600 million people in Africa still lack access to power, and it is largely a matter of woefully insufficient supply. There simply is nowhere near enough power relative to demand. We are excited to address this shortfall via responsible generation technologies while also pioneering a way for American individuals and family offices to invest for both profit and impact in these types of green African infrastructure assets.”

Benito Grimaudo, managing director and co-founder adds, ”Developers working on small-scale renewable energy assets in Africa can struggle to raise equity because most firms will not make investments under $10 million. Also, very few firms investing equity are also interested in creating tailored equity-like packages for their clients (i.e. mezzanine equity). We have an opportunity to create something to help developers, while also increasing the supply of available power in sub-Saharan Africa.”

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