€100M Solar Fund to Power Africa

February 17, 2025 • Estimated Reading Time: 2 minutes

Key Figures & Findings:
French asset managers Rgreen Invest and Echosys Invest have successfully closed the Afrigreen Debt Impact Fund, securing €100 million ($104.8 million) to finance solar energy projects in Africa. The fund has received backing from major financial institutions, including the European Investment Bank (EIB), the International Finance Corporation (IFC), France’s Proparco, the Dutch development bank FMO, and banks like Société Générale and BNP Paribas. The initiative aims to support commercial, industrial, and small utility-scale solar projects across the continent.

Statistics & Insights:
The fund has already financed six solar projects in Nigeria, Morocco, and Botswana. It aims to support 15–20 projects under 30MW, connecting to national grids with minimal infrastructure modifications.

Future Implications:
With its targeted investments, this fund could expand Africa’s decentralized solar infrastructure, reducing dependency on fossil fuels. The first new solar installations from this initiative are expected to go live by 2025.