SOUTH SUDAN – The Facility for Energy Inclusion (FEI), Finnfund, and the asset management company of ieng Group, Communication & Renewable Energy Infrastructure (CREI), have signed a US$20 million facilities to finance CREI’s Telecom Energy Service Company (TESCO) in South Sudan.

FEI and CREI signed a US$15 million bridge facility to finance renewable energy assets in South Sudan while the Finnish development financier and impact investor, Finnfund, signed a US$5 million mezzanine loan to finance the project.

The Facility for Energy Inclusion continues to play a leading role in the TESCO sector in Africa where the Funds has been able to leverage its experience to provide a tailored and pragmatic financial solution to deliver this landmark transaction in South Sudan,” said Carmen de Castro, Managing Director and FEI Fund Lead at Cygnum Capital.

“This is a testimony of FEI and Cygnum Capital’s ability to support investment across frontier markets.”

This financing will enable CREI to provide energy as a service to a telecom stakeholder in South Sudan by developing, building, operating, and maintaining energy assets. It will also support the installation, operation, and maintenance of 413 hybrid power solutions for telecom sites in South Sudan.

This investment is aligned with our goals for both digitalization and climate action. We see that improving mobile connectivity supports economic growth, improved living standards, and an inclusive society,” said Valtter Louhivuori, Head of the Nairobi office at Finnfund.

The project will contribute to a significant increase in solar power production and a decrease in diesel usage. 

It is expected to benefit over 2 million people by enhancing the reliability of the connection in a country that has the world’s poorest mobile connection.

We are thrilled to join forces with FEI and Finnfund in financing our TESCO project in South Sudan,” said Kadri El Hakim, CEO at CREI.

“This partnership aligns with our mission to lead the transition towards sustainable telecom and energy infrastructure across Africa and Asia; and achieve lasting positive impact. 

“We are confident that our combined efforts will enable the telecom stakeholder to expand and contribute to the telecom sector development of South Sudan.”

CREI is an established asset management company holding a portfolio of telecom towers and renewable power assets across Africa and Asia. 

Its main activities entail providing sustainable energy and connectivity to Mobile Network Operators (MNOs) and rural communities across developing countries.

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