New Investments
Finnfund Provides $5 Million Loan to Improve Mobile Connectivity in South Sudan
This project aims to significantly increase solar power usage and decrease reliance on diesel fuel.
The initiative is expected to benefit over 2 million people by enhancing the reliability of mobile connections in a country known for having the world’s poorest service.
“This project is a perfect launchpad for the Africa Connected program and Finnfund’s role as an implementing partner of the EFSD+ Guarantees,” stated Valtter Louhivuori, head of Finnfund’s Nairobi office.
The Africa Connected program aims to accelerate investments in impactful digital infrastructure and solutions companies across Africa.
“Improved mobile connectivity fosters economic growth, improves living standards, and promotes inclusivity by providing better access to financial services, education, and healthcare,” Louhivuori added.
The financing package includes investments from the Facility for Energy Inclusion (FEI), managed by Cygnum, and ieng Group’s asset management company, Communication & Renewable Energy Infrastructure (CREI).
These funds will be used to finance CREI’s Telecom Energy Service Company in South Sudan.
The financing will enable CREI to provide “energy as a service” to a telecom stakeholder in South Sudan by developing, building, operating, and maintaining energy infrastructure.
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“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.
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