23/6/2026
Index Partners' News & Updates
CREI Limited, a leading Telecom Energy Service Company (TESCO) and asset management company within two33 Group, has closed a US$90 million long-term debt facility with the Facility for Energy Inclusion (FEI) and Norfund. The proceeds will finance CREI's continued expansion of renewable energy assets across Africa. Index Partners acted as financial adviser to CREI on the transaction. Ashurst LLP (legal), SLR Consulting Limited (environmental and social), Control Risks (contextual risk assessment), and 3E (technical) advised the lenders.
The facility refinances US$55 million in short-term bridge financing provided by the same lender group in 2024 and injects a further US$35 million of new capital to support CREI's next phase of growth. FEI, a debt fund managed by Cygnum Capital, acted as lead arranger. Norfund co invested alongside FEI as part of a continuing partnership with the platform.
Proceeds are being deployed across CREI's renewable energy and telecom infrastructure assets in Mali, South Sudan, the Central African Republic, and additional African markets. The facility is expected to increase over the next 12 months in line with CREI's continued expansion. The financing supports CREI's energy-as-a-service model, through which mobile network operators are supplied with sustainable, off-grid renewable power to improve network performance, extend coverage, and reduce their environmental footprint.
In collaboration with two33's iEng Group, the transaction is expected to raise the share of renewable energy in CREI's operational portfolio to nearly 50%.
Africa's telecom infrastructure sector faces a structural energy challenge: a large proportion of mobile network towers across Sub-Saharan Africa and frontier markets continue to rely on diesel generation, carrying both high operating costs and significant carbon emissions. Energy service companies providing renewable power under long-term supply arrangements to operators are increasingly recognised as a critical part of the solution.
This transaction reflects the maturing of that model. The transition from short-term bridge financing to a long-term capital structure, co-arranged by two development finance institution backed lenders, signals growing institutional confidence in the risk-adjusted returns available from well-structured, asset-backed renewable energy platforms in frontier and emerging African markets.
Ghada Ghotmeh, Chief Investment Officer of CREI Limited, said: "The successful closing of this financing reflects the progress we have made as a platform and the confidence of our financing partners in our long-term vision. Building on strong execution across our markets, we have transitioned from bridge financing to a scalable long-term capital structure that supports sustainable growth. By refinancing and expanding the facilities initially provided by FEI and Norfund, we are building on a trusted partnership and positioning CREI to continue investing in energy solutions that power connectivity and economic development across Africa."
Thibault Neveu, Managing Director and FEI Co-Fund Lead at Cygnum Capital, said: "This transaction marks a significant milestone in bringing sustainable energy solutions to some of Africa's most challenging yet promising markets, strengthening telecommunications infrastructure, driving economic growth, and advancing digital inclusion where it is needed most. By refinancing the bridge facilities previously arranged by FEI for CREI's operations in Mali and South Sudan, and extending the facility to CREI's operations in the Central African Republic and other countries in Africa, this transaction validates FEI's approach of using bridge instruments to accelerate project deployment while securing long-term capital, ensuring momentum is never lost and that our clients can move at the speed these markets demand."
Birgit Edlefsen, Senior Vice President at Norfund, said: "Norfund is proud to strengthen its partnership with CREI and support its expansion across Sub-Saharan Africa. This second financing to the company, a long-term facility, marks a significant milestone, extending our reach beyond Mali to now include South Sudan and the Central African Republic. It reflects Norfund's commitment to bringing renewable energy and essential infrastructure to fragile states and challenging markets. By backing CREI Limited, we aim to support economic growth, job creation, and greater stability across the region."
• Long-term debt facility of US$90 million, refinancing US$55 million in bridge financing and adding US$35 million in new capital
• Lenders: FEI (lead arranger, managed by Cygnum Capital) and Norfund
• Assets deployed across Mali, South Sudan, the Central African Republic, and additional African markets
• Supports CREI's energy-as-a-service model serving mobile network operators
• Renewable energy share in CREI's portfolio expected to increase to approximately 50%
• Facility expected to increase further over the next 12 months
• Advisers: Index Partners (financial, borrower side), Ashurst LLP (legal), SLR Consulting Limited (environmental and social), Control Risks (contextual risk assessment), 3E (technical) - all advising the lenders
CREI is an established asset management company holding a portfolio of telecom towers and renewable power assets across Africa and Asia. Its core activities entail providing sustainable energy and connectivity to mobile network operators and rural communities across developing countries. CREI manages a portfolio of Telecom ESCO, TowerCo, and Network as a Service (NaaS) projects to help operators reduce their carbon footprint while improving network performance and coverage. CREI is part of two33 Group.
FEI is a debt fund managed by Cygnum Capital, established by the African Development Bank as part of its New Deal for Africa initiative. FEI supports small-scale independent power producers, mini-grids, and commercial and industrial renewable energy projects. The fund has received equity and loan commitments from the African Development Bank, KfW, Norfund, OeEB, IFC, DEG, and the European Commission, among others. Cygnum Capital Asset Management manages approximately US$1.4 billion in assets under management across its funds and mandates.
Norfund is the Norwegian Investment Fund for developing countries, owned and funded by the Norwegian Government. Its mission is to create jobs and improve lives through private sector investment in sustainable development. Norfund's committed portfolio amounts to approximately US$4.5 billion, with investments across Sub-Saharan Africa, South and Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on reducing greenhouse gas emissions by investing in renewable energy in developing countries.
Index Partners is an independent corporate finance advisory firm specialising in mid-market transactions across emerging markets, including Africa, Southeast Asia, the Middle East, Central Asia, and Eastern Europe. With offices in Ho Chi Minh City, Hong Kong, Manila, and London, the firm advises clients across fundraising, M&A, project finance, and strategic advisory mandates in the infrastructure and energy, TMT, healthcare, and consumer sectors.