Cygnum Capital managed debt fund Facility for Energy Inclusion (“FEI”) and Norfund, closed a USD 90 million long-term debt facility to CREI, a leading Telecom Energy Service Company (“TESCO”) and asset management company of two33 Group. The proceeds will accelerate CREI’s expansion of renewable energy assets across Africa.
June 17, 2026 – FEI and Norfund (the “Lenders”) have invested USD 90 million in CREI to finance its rollout of renewable energy assets in Mali, South Sudan, Central African Republic and other countries in Africa. FEI, a fund managed by Cygnum Capital, acted as the lead arranger for the transaction.
This financing refinances the USD 55 million short-term bridge facilities provided by the Lenders in 2024 and adds USD 35 million of new capital to support CREI’s next phase of growth. The facility will enable CREI to scale its "energy as a service" model across Africa, providing mobile network operators with sustainable and energy resilient infrastructure to improve service quality, and expand network coverage. This facility is expected to increase over the next 12 months to further support CREI’s continued expansion.
In collaboration with two33’s ieng Group, this investment is set to transform telecom energy infrastructure across CREI’s target countries — deploying modern renewable power assets that are expected to increase the share of renewable energy in production to nearly 50%. By bringing sustainable, reliable energy to some of Africa's most underserved markets, this financing marks a defining step toward a greener telecom industry: one that reduces its environmental footprint while delivering more efficient and dependable power to operators.
“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.” says Ghada Ghotmeh, Chief Investment Officer of CREI Limited.
“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. We are proud to support CREI in this next chapter of its African expansion and look forward to the lasting impact this investment will create.” said Thibault Neveu, Managing Director and FEI Co-Fund Lead at Cygnum Capital.
"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," said Birgit Edlefsen, Senior Vice President at Norfund.
The Lenders were advised by Ashurst LLP (legal), SLR Consulting Limited (E&S), Control Risks (contextual risk assessment) and 3E (technical) on this transaction.
About CREI
CREI is an established asset management company holding a portfolio of telecom towers and renewable power assets across Africa and Asia. Its main activities entail providing sustainable energy and connectivity to Mobile Network Operators (MNOs) and rural communities across developing countries. CREI capitalizes on the expertise and synergies created throughout its group of affiliated companies to provide a full service to Operators and Investors and deliver efficient solutions that are integrated along the value chain. CREI manages a portfolio of Telecom ESCO, TowerCo, and Network as a Service (NaaS) projects to help MNOs decrease their carbon footprint while improving their network performance and reach.
CREI is part of a global telecom services group, Two Thirty-Three Holding Group.
For more details, please visit: https://www.creicapital.com/
About Cygnum Capital
Cygnum Capital Group is an investment bank and asset manager, operating across frontier and emerging markets. Cygnum Capital Asset Management manages six pioneering funds: four debt funds including: (i) the African Local Currency Bond Fund (“ALCBF”), a ground-breaking investment vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund (“OGEF”) which supports companies in off-grid energy such as SHS and small- medium mini-grids, (iii) FEI which support companies that provide a range of renewable energy solutions such as medium-large mini- grids, C&I and IPP with a maximum capacity of 25 MW, and (iv) AfricaGoGreen Fund (“AGG”) which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency and promote economic development in high impact target sectors, (v) the Africa Agriculture and Trade Investment Fund (“AATIF”) which provides financing to the agricultural sector across Africa, and (vi) the Universal Green Energy Access Program (“UGEAP”) which provides blended finance to support clean energy access across Africa; and a private equity venture capital fund (vii) the E3 Low Carbon Economy Fund for Africa (“E3 LCEF”) which invests in climate-smart services, digital connectivity and low-carbon productivity enablers. Cygnum Capital Asset Management has approximately USD 1.4 billion in assets under management across these funds and mandates.
For more details, please visit: www.cygnumcapital.com
About the Facility for Energy Inclusion
FEI is designed to support small-scale independent power producers delivering power to the grid, mini-grids, commercial and industrial and captive power projects. FEI was set up by the African Development Bank (“AfDB”) as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund and loan commitments from the Austrian Development Bank (OeEB), the International Finance Corporation (IFC) and DEG. The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.
The transaction was supported by FEI’s Project Preparation Facility (“PPF”), funded by the Global Environment Facility, through the AfDB. The PPF provides returnable grant funding for last-mile processes crucial to closing transactions and to fund due diligence and preparatory costs incurred in establishing innovative structures or transactions that FEI seeks to lend to.
For more details, please visit: www.feiafrica.com
About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production, and the Norwegian Ukraine Investment Fund.
For more details, please visit: www.norfund.no
