Communication & Renewable Energy Infrastructure (CREI), the energy division of Ieng Group, has secured $40 million in bridge financing to expand renewable energy systems for telecom towers in Mali.
The funding comes through agreements with the Facility for Energy Inclusion (FEI), led by Cygnum Capital, and Norfund.
The funds will support the development, construction, operation, and maintenance of clean energy infrastructure to supply power to Mali’s leading mobile network operator.
CREI will offer an “energy as a service” model, ensuring consistent and sustainable power supply to telecom sites across the country.
As the lead arranger of the deal, FEI played a central role in structuring the transaction.
This financing is part of a larger $59 million investment by CREI and its financial partners to modernize Mali’s telecom energy systems.
The project focuses on hybrid renewable energy solutions combined with battery storage, aimed at boosting the reliability and sustainability of telecom services, especially in remote areas.
Kadri El Hakim, CEO of CREI, emphasized the importance of the project:
“This financing confirms the strong support from our partners for impactful investments in developing regions. By rolling out solar hybrid systems, we’re not just improving telecom access—we’re also generating jobs, encouraging economic growth, and contributing to Mali’s broader digital and sustainable development goals.”
FEI’s Executive Director Thibault Neveu highlighted the wider impact of the deal:
“This is a major step in bringing clean and reliable energy to Mali’s telecom sector. Our role in this investment reinforces FEI’s commitment to advancing renewable energy in emerging markets and supporting digital inclusion throughout Africa.”
Norfund’s Senior Vice President, Birgit Edlefsen, also pointed to the long-term benefits of the investment:
“We are proud to back CREI in this project, which supports vital infrastructure in a fragile state. It aligns with our goal of helping to build stronger economies and more stable societies through renewable energy.”
The project marks a significant step forward for sustainable infrastructure in Mali, signaling growing interest in clean energy investments across Africa’s telecom sector.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Kenya-based HR and payroll platform Workpay has secured a $5 million Series A funding round led by Norrsken22.
In a pivotal move to address the gender funding gap in Africa’s entrepreneurial landscape, Village Capital and Standard Chartered Bank have joined forces to launch a pilot financing facility.
South African electric vehicle startup Zimi has received a grant of $320,000 (about R6 million) from the Energy and Environment Partnership (EEP Africa Trust Fund).
© 2021 Empower Africa. All rights reserved.
