Inspired Evolution leads $35m investment in energy services company

Inspired Evolution, an Africa-focused investment advisory firm that specialises in clean and renewable energy, led a $35 million equity investment by its Evolution II Fund and co-investors, Norfund and Sagemcom, to establish and finance ESCOTEL, an energy services company currently focused on sub-Saharan Africa countries.

Headquartered in Mauritius, ESCOTEL has been set up to provide energy services to mobile tower owners and operators, owning and operating decentralised renewable energy infrastructure across Africa. ESCOTEL will initially supply, install, operate and maintain decentralised solar and storage hybrid power systems for a portfolio of around 900 telecom sites in Sierra Leone, Liberia and over time the Democratic Republic of Congo, owned by subsidiaries of France-based telecommunications company, Orange S.A.

Evolution II has committed $20 million alongside $10 million from Norfund and $5 million from Sagemcom Energy & Telecom, which will also act as equipment supplier, EPC contractor and O&M provider to ESCOTEL.

Wayne Keast, managing partner at Inspired Evolution said: “We are excited to partner with Norfund and Sagemcom to establish and provide financing to ESCOTEL and to assist local Orange mobile operators to transition to a lower carbon infrastructure, at the same time improving operating efficiency and reducing costs. This is achieved by hybridising existing power systems of telecom sites with the supply, installation, and operations of solar and storage power systems, as well as by deploying these cleaner power systems to new telecom sites. ESCOTEL’s initial investment will abate more than 6,240 tonnes of CO2 every year in Sierra Leone, and 10,092 tonnes of CO2 every year in Liberia.”