Afreenergy Solar lands $13.5M debt facility to scale Senegal's business solar
What's the deal? Afreenergy Solar has secured a €12 million (~$13.5 million) senior debt facility from REPP 2, a private debt fund managed by UK-based climate investor CamcoDealroom has a profile for this one. Try Dealroom →. The money will refinance an operating portfolio of rooftop solar assets and fund new solar and battery storage projects for commercial and industrial customers in Senegal.
What's the endgame? The facility backs an expansion from 2.7 MWp to 14.9 MWp of rooftop solar, alongside 5.7 MWh of battery storage. Afreenergy retains ownership and operates the assets, while customers are expected to cut electricity costs by around 30% under long-term energy agreements.
Why now? The debt follows a €4.3 million equity commitment from InfraCo, the project development arm of the Private Infrastructure Development GroupDealroom has a profile for this one. Try Dealroom →, earlier this year. Together, the two instruments give the company both platform equity and balance-sheet capacity to scale.
The projects serve established retail, food manufacturing, agro-industrial, and infrastructure clients. Grouping them into a single portfolio lets Afreenergy raise financing across multiple sites rather than funding each installation separately.
What they're saying: "Competitive, long-term project finance is critical to delivering energy at scale and at the best possible cost to African businesses," said Christian Cachat, chief executive officer of Afreenergy Solar.
Benjamin Hugues, a director at Camco, said REPP 2 backed the company for its "scalable C&I model around long-term customer contracts and a growing portfolio of operating and development assets." He added the facility builds "a platform for larger industrial and mining projects across Africa."
The signal: The deal fits REPP 2's pattern of financing distributed African renewables, after debt for Nigerian solar mini-grids and a Zambian utility-scale project. It shows private capital supporting business-facing solar through contracted customer portfolios — a meaningful scale-up rather than a large utility deal.
Read more: empowerafrica.com
Image credit: Evan M. O'Neil
