Afrigreen Debt Impact Fund (IFC-46932)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Specific Location
West and Central Africa
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 7, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RGREEN INVEST
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.93 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 20
Converted using 2022-10-28 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 19, 2023

Disclosed by Bank Oct 28, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, Afrigreen Debt Impact Fund (the “Fund”) is an infrastructure senior debt fund offering financing solutions to implement small to medium on-and off-grid solar power plants, mostly to Commercial & Industrial (“C&I”) consumers in West and Central Africa (“W&C Africa”). The Fund will have a target cap size of EUR100.0 million with a hard cap at EUR125.0 million, and a maturity of 10 years. The Fund will invest in EUR, USD, and when relevant in local currency (in Nigeria and Ghana).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

As stated on the website of the IFC, this project is classified as FI-2 (medium risk) in accordance with IFC’s Policy on Environmental and Social Sustainability, based on the Fund’s pipeline and business strategy. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed investment consists of an equity investment of up to EUR20.0 million as Limited Partner, comprising of (i) up to EUR10.0 million for IFC’s own account; and (ii) up to EUR10.0 million from IFC acting as implementing entity of the Finland-IFC Blended Finance for Climate Program (“Finland BFCP”). In addition, IFC will provide cross currency swaps to the Fund in Nigeria and Ghana with the support of up to US$30.0 million from the International Development Association’s Private Sector Window Local Currency Facility.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on IFC's website:

The Fund, formed as a Limited Partnership and domiciled in France, is managed by RGREEN INVEST S.A.S (the “Fund Manager”) and advised by Echosys Invest, a 50/50 joint venture between the FM and Echosys Advisory S.A.S.

RGREEN INVEST is a European alternative investment Fund Manager regulated by the Autorité des Marchés Financiers with an exclusive focus on energy transition, adaptation to climate change and mitigation of its effects. Since 2013 RGREEN INVEST has supported over 1,500 projects in Europe for an installed capacity of more than 3.3 GW.

Echosys Advisory S.A.S is a French advisory company specialized in renewable energy, sustainable agriculture, and industrial decarbonization. It was set up by Olivier Leruste and Alexandre Gilles, a team of former developers with 30 years of combined experience in the origination, structuring and financing of renewable energy projects across the globe (over 1.5GW of installed capacity in renewable energy).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Echosys Advisory SAS Contractor Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Bank's project contacts not available at the time of disclosure.

For General Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW - Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Borrower - RGREEN Invest SAS:

Zakary Garaudet - Senior Consultant
Phone: +33 6 79 07 62 50
Email: communication@rgreeninvest.com 
Address: 47-51 rue de Chaillot, 75016, Paris, France
Email: www.rgreeninvest.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

How it works

How it works