Fortis invests in Spark Energy Services
Investment manager Fortis Green Renewables has confirmed an investment of $1.5 million in Camco’s financing platform, Spark Energy Services.
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Investment manager Fortis Green Renewables has confirmed an investment of $1.5 million in Camco’s financing platform, Spark Energy Services.
The investment completes an almost $10 million equity round for Spark, which Camco has developed to support energy efficiency and captive generation initiatives in sub-Saharan Africa’s commercial and industrial (C&I) sector.
This news comes after Camco reported in September that it had secured almost $25 million in debt and equity commitments for the platform.
Earlier commitments include $3 million from UK government-funded FSD Africa Investments, $2.2 million from Jaltech Fund Management and almost $3 million from Camco. The European Investment Bank (EIB) has committed $10 million in junior debt, with Symbiotics committing $5 million in senior debt as part of a senior debt consortium expected to commit up to $30 million.
Fortis Green’s commitment keeps Camco’s plans on track for a $50 million close for Spark in the near term and a subsequent close of at least $100 million within two years.
The funding will help Spark scale energy efficiency and captive generation solutions in sub-Saharan Africa’s C&I sectors and deliver on its mission of helping businesses, particularly SMEs, to achieve their low carbon growth plans and increase their competitiveness on the international stage.
Adam Fitzwilliam, director of Spark said, “We are excited to announce the raising of additional equity into the Spark platform and we look forward to working with Jonathan Shafer, Benito Grimaudo and the experienced Fortis Green team to realise the vision of Spark.”
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