Afrigreen Fund Secures €100M for Solar

March 04, 2025 • Estimated Reading Time: 2 minutes

Key Figures & Findings: The Afrigreen Debt Impact Fund has reached its €100 million target, closing its fundraising to support solar and small-scale utility projects across Africa. Managed by Rgreen Invest and Echosys Invest, the fund provides long-term debt solutions to developers expanding clean energy. It is backed by major financial institutions, including the European Investment Bank (EIB), International Finance Corporation (IFC), Proparco, and private lenders Société Générale and BNP Paribas. CEO Olivier Leruste highlighted strong demand from African businesses shifting to solar through power purchase agreements (PPAs).

Statistics & Insights: Afrigreen aims to finance 15-20 solar projects, with investments of up to €15 million per project over a 10-year period. It has already funded six projects in Nigeria, Morocco, and Botswana and is classified as an Article 9 SFDR fund, aligning with UN SDG goals on clean energy and climate action.

Future Implications: As national grids increasingly integrate solar, these projects could accelerate Africa’s energy transition. If successfully implemented, Afrigreen’s model may attract more institutional funding for decentralized renewables in Africa.