French asset management company, Eiffel Investment Group, is seeking to raise $200 million in bridging loans to invest in accelerating electrification and energy transition in Africa. The European Investment Bank (EIB) intends to participate in the fund to the tune of 30 million dollars.
The aim is to provide start-up capital before long-term investments for renewable energy projects, which could provide energy to two million consumers. The group is targeting a market that it estimates at 523 million euros per year and will do so by soliciting investments from public and private institutions.
Eiffel Investment Group also plans to launch the new fund in the first half of this year. The fund is designed with loans of 12 to 36 months used to trigger the construction of infrastructure, especially solar, small hydro or wind turbines.
“We want to continue supporting developers for whom we have already provided bridge financing, as well as other developers, for their projects in Africa. This is in line with our overall corporate strategy to respond to the urgent demand for financing where no adequate solution is currently available on the market,” said Pierre-Antoine Machelon (pictured), head of energy transition at Eiffel Investment Group.
The company announces that it has engaged the services of Finergreen, the world leader in financial advice for the energy transition and particularly in emerging markets, to address the African market. Finergreen covers Africa through its three offices located respectively in Ivory Coast, Kenya and South Africa.
