- Impact Fund, AFRIGREEN has announce that it has entered into a €7.2 million loan with ODASCO LLC’s subsidiary in Morocco.
- This funding will enable ODASCO to construct solar power plants specifically designed to electrify the telecom towers of Orange Maroc, enhancing energy efficiency and sustainability in the telecommunications sector.
As the demand for reliable mobile connectivity continues to rise, particularly in remote areas, this collaboration aims to reduce the carbon footprint of Orange Maroc’s operations while ensuring a consistent power supply to its network infrastructure. The project aligns with both AFRIGREEN’s commitment to promoting renewable energy in Africa and ODASCO’s vision of harnessing solar technology for practical, impactful solutions.
The North African solar market, particularly for commercial and industrial (C&I) applications, is rapidly expanding as businesses seek to reduce energy costs and minimize their carbon footprints. With abundant sunlight and supportive government policies, solar energy presents a viable and attractive solution for companies looking to enhance their energy independence. This investment by AFRIGREEN not only contributes to the growth of the solar sector but also exemplifies the increasing shift toward renewable energy adoption among commercial enterprises in the region.
AFRIGREEN Debt Impact Fund offers long-term debt solutions to finance solar infrastructure projects in Central and West Africa through direct project loans and asset-based credit facilities. It aims to help SMEs and C&Is lower their energy bills and reduce their dependence on diesel fuels by increasing the uptake of solar PV in Africa.
Classified Article 9, the fund targets all sectors and is designed for project sizes ranging from 100 kW to 15 MW. Its impact goals are measured in MW, MWh produced, tons of CO2e emissions avoided, number of enterprises gaining access to new financing channels, and the number that can upgrade their power generation facilities and increase their efficiency.
The Fund is managed by RGREEN INVEST, a French investment company specialized in financing renewable energy infrastructure projects. ECHOSYS INVEST is a JV created in 2021 with ECHOSYS ADVISORY to serve as AFRIGREEN’s dedicated investment strategy advisor.
