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).
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.
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.
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).
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Bank's project contacts not available at the time of disclosure.
For General Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW - Washington DC 20433
Borrower - RGREEN Invest SAS:
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