French asset managers Rgreen Invest and Echosys Invest have successfully closed their Afrigreen Debt Impact Fund, securing €100 million ($104.8 million) in total commitments for green energy investments across Africa.
Announced on Thursday, the fund has met its funding target, backed by major institutions, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Dutch development bank FMO, France’s Proparco, Societe Generale, and BNP Paribas.
Following its first close in early 2023, the fund has focused on financing commercial and industrial (C&I) solar projects, as well as small utility-scale developments across Africa. It aims to support 15 to 20 projects and portfolios.
To date, the Afrigreen Debt Impact Fund has completed six transactions, investing in solar energy projects in Nigeria, Morocco, and Botswana.
Echosys Invest CEO Olivier Leruste highlighted that these investments have demonstrated a strong pipeline of sub-30 MW utility-scale projects, which can be integrated into national grids without requiring large-scale infrastructure upgrades.
