Mali: Cygnum Capital backs renewable energy venture
The funding will enable CREI to deliver ‘energy as a service’ to a major mobile network operator.
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The Facility for Energy Inclusion (FEI), managed by Cygnum Capital, and Norfund have signed agreements to provide $40 million in bridge financing to Communication & Renewable Energy Infrastructure (CREI), the asset management arm of Ieng Group, to support the development of renewable energy assets in Mali. The funding will enable CREI to deliver ‘energy as a service’ to a major mobile network operator by developing, constructing, operating, and maintaining the required infrastructure.
FEI acted as the lead arranger for the transaction.
CREI, with the support of its lenders, is investing $59 million to modernise the energy infrastructure of telecom towers across Mali. This initiative will deploy hybrid renewable energy solutions with battery storage, significantly enhancing network availability and sustainability.
“Securing the financing for CREI’s Telecom ESCO initiative in Mali underscores the shared commitment of our financial partners to high-impact investments in emerging markets, reinforcing the country’s growing role as a promising hub for sustainable development. By deploying solar hybrid energy solutions to power telecom infrastructure, we are not only enhancing network reliability and coverage across urban and rural areas but also driving economic growth, creating local jobs, and contributing to Mali’s digital transformation,” said Kadri El Hakim, CEO of CREI.
“This transaction marks a significant milestone in advancing sustainable energy solutions for Mali’s telecom sector, ensuring it benefits from cleaner, more affordable, and reliable power. By facilitating this investment, FEI reaffirms its leading role in financing renewable energy solutions in emerging markets, not only to strengthen telecommunications infrastructure but also to drive economic growth and digital inclusion across the continent. FEI remains dedicated to supporting CREI in its expansion across Africa,” said Thibault Neveu, executive director and FEI co-fund lead at Cygnum Capital.
“This investment reflects Norfund’s commitment to advancing renewable energy in fragile states, supporting economic resilience and essential infrastructure in a challenging context. By supporting CREI in Mali, we aim to contribute to create the conditions for economic growth, job creation, and greater stability in the region,” said Birgit Edlefsen, senior vice president at Norfund.
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