According to the company’s website news release on February 26, 2023, Echosys Advisory is thrilled to announce the first closing of AFRIGREEN Debt Impact Fund with gross commitment of €87.5M secured out of final target size of €100M.
AFRIGREEN is a French fund managed by RGREEN INVEST and advised by ECHOSYS INVEST, a joint subsidiary of Echosys Advisory and RGREEN INVEST.
AFRIGREEN is an infrastructure senior debt fund that offers financing solutions to commercial & industrial (C&I) consumers in Africa , enabling their installation of on-and off-grid solar power plants in order to help reduce their energy bill as well as their diesel dependency.
Focused on Central and West Africa, AFRIGREEN Debt Impact has a €100 million target size – with a hard cap set at €125 million – and a 10-year maturity.
AFRIGREEN has raised €87.5 million from international public and para-public institutions, which comprise commitments from the European Investment Bank (EIB), from the IFC – International Finance Corporation, from the Finland-IFC Blended Finance for Climate Program, from BIO – the Belgian Investment Company for Developing Countries and from PROPARCO. French private banks Societe Generale and BNP Paribas are completing this first funding round.
The Fund will apply IFC Performance Standards and EIB Environmental and Social Standards. It will measure its impact along key metrics established in accordance with the sdg7, #sdg9, #sdg12, and #sdg13. AFRIGREEN is classified article 9 SFDR.
In addition to EUR and USD, AFRIGREEN will be able to offer loans in local currencies, with the support of IFC, acting as hedge provider.
ECHOSYS INVEST operates out of Abidjan and Paris.
