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The Energy Inclusion Facility (EIF) and the Finnish Industrial Cooperation Fund (Finnfund) are awarding $20 million in financing to asset manager Communication & Renewable Energy Infrastructure (CREI). It will then finance the solarisation of telecommunications infrastructure in South Sudan.
The financing obtained by the asset manager Communication & Renewable Energy Infrastructure (CREI) consists of a bridge loan of $15 million granted by the Energy Inclusion Facility (EIF) of the African Development Bank (AfDB), as well as a mezzanine loan of $5 million from the Finnish Industrial Cooperation Fund (Finnfund).
CREI will use the funding to develop, build and operate recoverable energy plants for “a player” in the telecommunications sector in South Sudan. “This investment is in line with our objectives in terms of digitalisation and climate action. We see that improving mobile connectivity promotes economic growth, improved living standards and an inclusive society,” says Valtter Louhivuori, Head of Finnfund’s Nairobi office.
The funding provided to CREI under Finnfund’s Africa Connected programme will enable the installation of at least 413 hybrid energy solutions at telecoms sites across South Sudan. These investments are expected to increase the production of solar energy and reduce the use of diesel at network sites.
At least 2 million South Sudanese are expected to benefit from this $20 million support. This is impact financing in a country with a population of 11 million. Connectivity is very limited in South Sudan, with a restricted infrastructure and low mobile phone penetration. |
